0001590364-21-000008 | 10-Q | XBRL Viewer | Fortress Transportation Infrastructure Investors LLC

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Cover page - shares	9 Months Ended
Cover page - shares	Sep. 30, 2021	Oct. 26, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-37386
Entity Registrant Name	FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	32-0434238
Entity Address, Address Line One	1345 Avenue of the Americas, 45th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10105
City Area Code	212
Local Phone Number	798-6100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		99,180,385
Entity Central Index Key	0001590364
Document Fiscal Year Focus	2021
Amendment Flag	false
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Class A common shares, $0.01 par value per share
Entity Information [Line Items]
Title of 12(b) Security	Class A common shares, $0.01 par value per share
Trading Symbol	FTAI
Security Exchange Name	NYSE
8.25% Fixed-to-Floating Rate Series A Cumulative Perpetual Redeemable Preferred Shares
Entity Information [Line Items]
Title of 12(b) Security	8.25% Fixed-to-Floating Rate Series A Cumulative Perpetual Redeemable Preferred Shares
Trading Symbol	FTAI PR A
Security Exchange Name	NYSE
8.00% Fixed-to-Floating Rate Series B Cumulative Perpetual Redeemable Preferred Shares
Entity Information [Line Items]
Title of 12(b) Security	8.00% Fixed-to-Floating Rate Series B Cumulative Perpetual Redeemable Preferred Shares
Trading Symbol	FTAI PR B
Security Exchange Name	NYSE
8.25% Fixed-Rate Reset Series C Cumulative Perpetual Redeemable Preferred Shares
Entity Information [Line Items]
Title of 12(b) Security	8.25% Fixed-Rate Reset Series C Cumulative Perpetual Redeemable Preferred Shares
Trading Symbol	FTAI PR C
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 176,052	$ 121,703
Restricted cash	283,398	39,715
Accounts receivable, net	205,680	91,691
Leasing equipment, net	1,696,594	1,635,259
Operating lease right-of-use assets, net	74,643	62,355
Finance leases, net	13,795	6,927
Property, plant, and equipment, net	1,527,770	964,363
Investments	110,963	146,515
Intangible assets, net	80,737	18,786
Goodwill	239,941	122,735
Other assets	272,944	177,928
Total assets	4,682,517	3,387,977
Liabilities
Accounts payable and accrued liabilities	213,441	113,185
Debt, net	2,983,989	1,904,762
Maintenance deposits	100,700	148,293
Security deposits	35,167	37,064
Operating lease liabilities	74,134	62,001
Other liabilities	71,044	23,351
Total liabilities	3,478,475	2,288,656
Commitments and contingencies
Equity
Common shares ($0.01 par value per share; 2,000,000,000 shares authorized; 97,896,522 and 85,617,146 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively)	979	856
Preferred shares ($0.01 par value per share; 200,000,000 shares authorized; 13,320,000 and 9,120,000 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively)	133	91
Additional paid in capital	1,420,247	1,130,106
Accumulated deficit	(120,136)	(28,158)
Accumulated other comprehensive loss	(103,755)	(26,237)
Shareholders' equity	1,197,468	1,076,658
Non-controlling interest in equity of consolidated subsidiaries	6,574	22,663
Total equity	1,204,042	1,099,321
Total liabilities and equity	$ 4,682,517	$ 3,387,977

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, shares issued (in shares)	97,896,522	85,617,146
Common stock, shares outstanding (in shares)	97,896,522	85,617,146
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	200,000,000	200,000,000
Preferred stock, shares issued (in shares)	13,320,000	9,120,000
Preferred stock, shares outstanding (in shares)	13,320,000	9,120,000

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues
Revenues	$ 135,962	$ 83,709	$ 310,026	$ 290,858
Expenses
Operating expenses	52,793	23,128	108,973	81,144
General and administrative	4,422	4,241	12,329	13,292
Acquisition and transaction expenses	7,130	2,442	13,172	9,297
Management fees and incentive allocation to affiliate	3,845	4,591	11,948	14,113
Depreciation and amortization	53,368	42,626	145,274	126,543
Asset impairment	859	3,915	3,048	14,391
Interest expense	54,500	26,904	124,994	71,559
Total expenses	176,917	107,847	419,738	330,339
Other income (expense)
Equity in losses of unconsolidated entities	(4,082)	(2,501)	(9,860)	(5,445)
Gain (loss) on sale of assets, net	12,685	(1,114)	17,483	(2,165)
Loss on extinguishment of debt	0	0	(3,254)	(4,724)
Interest income	483	58	1,222	121
Other (expense) income	(8,068)	0	(8,771)	32
Total other income (expense)	1,018	(3,557)	(3,180)	(12,181)
Loss from continuing operations before income taxes	(39,937)	(27,695)	(112,892)	(51,662)
Benefit from income taxes	(494)	(2,486)	(1,965)	(6,334)
Net loss from continuing operations	(39,443)	(25,209)	(110,927)	(45,328)
Net income from discontinued operations, net of income taxes	0	0	0	1,331
Net loss	(39,443)	(25,209)	(110,927)	(43,997)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	(7,363)	(3,876)	(18,949)	(12,724)
Less: Dividends on preferred shares	6,791	4,625	17,967	13,243
Net loss attributable to shareholders	$ (38,871)	$ (25,958)	$ (109,945)	$ (44,516)
Basic
Continuing operations (in dollars per share)	$ (0.44)	$ (0.30)	$ (1.27)	$ (0.53)
Discontinued operations (in dollars per share)	0	0	0	0.02
Diluted
Discontinued operations (in dollars per share)	0	0	0	0.02
Continuing operations (in dollars per share)	$ (0.44)	$ (0.30)	$ (1.27)	$ (0.53)
Weighted average shares outstanding:
Basic (in shares)	88,277,897	86,022,302	86,787,072	86,013,485
Diluted (in shares)	88,277,897	86,022,302	86,787,072	86,013,485
Equipment leasing revenues
Revenues
Revenues	$ 99,174	$ 69,799	$ 237,352	$ 236,082
Infrastructure revenues
Revenues
Revenues	$ 36,788	$ 13,910	$ 72,674	$ 54,776

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

Statement of Comprehensive Income [Abstract]

Net loss

$ (39,443)

$ (25,209)

$ (110,927)

$ (43,997)

Other comprehensive loss:

Other comprehensive loss related to equity method investees, net

^[1]

(54,640)

(13,468)

(77,518)

(16,822)

Comprehensive loss

(94,083)

(38,677)

(188,445)

(60,819)

Less: Net loss attributable to non-controlling interests in consolidated subsidiaries

(7,363)

(3,876)

(18,949)

(12,724)

Comprehensive loss attributable to shareholders

$ (86,720)

$ (34,801)

$ (169,496)

$ (48,095)

[1]	Net of deferred tax expense (benefit) of $1,798 and $(3,580) for the three months ended September 30, 2021 and 2020, respectively, and $(2,674) and $(4,474) for the nine months ended September 30, 2021 and 2020, respectively.

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parentheticals) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Tax expense, cash flow hedge	$ 1,798,000	$ (3,580,000)	$ (2,674,000)	$ (4,474,000)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Common Shares	Preferred Shares	Additional Paid In Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive (Loss) Income	Non-Controlling Interest in Equity of Consolidated Subsidiaries
Beginning balance at Dec. 31, 2019	$ 1,338,857	$ 849	$ 81	$ 1,110,122	$ 190,453	$ 372	$ 36,980
Comprehensive income (loss):
Net loss	(18,788)				(9,940)		(8,848)
Other comprehensive loss	(3,354)					(3,354)	0
Comprehensive loss	(22,142)				(9,940)	(3,354)	(8,848)
Settlement of equity-based compensation	(42)						(42)
Issuance of common shares	311	7		304
Conversion of participating securities	(7)			(7)
Dividends declared - common shares	(56,782)				(56,782)
Issuance costs of preferred shares	(788)			(788)
Dividends declared - preferred shares	(8,618)				(8,618)
Equity-based compensation	702						702
Ending balance at Jun. 30, 2020	1,251,491	856	81	1,109,631	115,113	(2,982)	28,792
Beginning balance at Dec. 31, 2019	1,338,857	849	81	1,110,122	190,453	372	36,980
Comprehensive income (loss):
Net loss	(43,997)
Comprehensive loss	(60,819)
Settlement of equity-based compensation	0
Ending balance at Sep. 30, 2020	1,200,847	856	91	1,130,121	60,760	(16,450)	25,469
Beginning balance at Jun. 30, 2020	1,251,491	856	81	1,109,631	115,113	(2,982)	28,792
Comprehensive income (loss):
Net loss	(25,209)				(21,333)		(3,876)
Other comprehensive loss	(13,468)					(13,468)
Comprehensive loss	(38,677)				(21,333)	(13,468)	(3,876)
Settlement of equity-based compensation	(68)						(68)
Dividends declared - common shares	(28,395)				(28,395)
Issuance of preferred shares	20,500		10	20,490
Dividends declared - preferred shares	(4,625)				(4,625)
Equity-based compensation	621						621
Ending balance at Sep. 30, 2020	1,200,847	856	91	1,130,121	60,760	(16,450)	25,469
Beginning balance at Dec. 31, 2020	1,099,321	856	91	1,130,106	(28,158)	(26,237)	22,663
Comprehensive income (loss):
Net loss	(71,484)				(59,898)		(11,586)
Other comprehensive loss	(22,878)					(22,878)
Comprehensive loss	(94,362)				(59,898)	(22,878)	(11,586)
Settlement of equity-based compensation	183						183
Issuance of common shares	455			455
Dividends declared - common shares	(56,795)			(56,795)
Issuance of preferred shares	101,200		42	101,158
Dividends declared - preferred shares	(11,176)			(11,176)
Equity-based compensation	2,553						2,553
Ending balance at Jun. 30, 2021	1,041,013	856	133	1,163,748	(88,056)	(49,115)	13,447
Beginning balance at Dec. 31, 2020	1,099,321	856	91	1,130,106	(28,158)	(26,237)	22,663
Comprehensive income (loss):
Net loss	(110,927)
Comprehensive loss	(188,445)
Settlement of equity-based compensation	421
Ending balance at Sep. 30, 2021	1,204,042	979	133	1,420,247	(120,136)	(103,755)	6,574
Beginning balance at Jun. 30, 2021	1,041,013	856	133	1,163,748	(88,056)	(49,115)	13,447
Comprehensive income (loss):
Net loss	(39,443)				(32,080)		(7,363)
Other comprehensive loss	(54,640)					(54,640)
Comprehensive loss	(94,083)				(32,080)	(54,640)	(7,363)
Settlement of equity-based compensation	(238)						(238)
Issuance of common shares	291,824	123		291,701
Conversion of participating securities	(2)			(2)
Dividends declared - common shares	(28,409)			(28,409)
Dividends declared - preferred shares	(6,791)			(6,791)
Equity-based compensation	728						728
Ending balance at Sep. 30, 2021	$ 1,204,042	$ 979	$ 133	$ 1,420,247	$ (120,136)	$ (103,755)	$ 6,574

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net loss	$ (110,927)	$ (43,997)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Equity in losses of unconsolidated entities	9,860	5,445
Gain on sale of subsidiaries	0	(1,331)
(Gain) loss on sale of assets, net	(17,483)	2,165
Security deposits and maintenance claims included in earnings	(30,866)	(12,275)
Loss on extinguishment of debt	3,254	4,724
Equity-based compensation	3,281	1,323
Depreciation and amortization	145,274	126,543
Asset impairment	3,048	14,391
Deferred taxes	(2,311)	(7,374)
Change in fair value of non-hedge derivative	(1,979)	181
Amortization of lease intangibles and incentives	21,348	23,394
Amortization of deferred financing costs	18,853	6,156
Bad debt expense, net	817	1,997
Other	(240)	1,152
Change in:
Accounts receivable	(100,821)	(43,014)
Other assets	(34,499)	1,253
Accounts payable and accrued liabilities	71,285	(32,415)
Management fees payable to affiliate	(844)	(20,965)
Other liabilities	2,242	1,040
Net cash (used in) provided by operating activities	(20,708)	28,393
Cash flows from investing activities:
Investment in unconsolidated entities	(54,499)	(4,407)
Principal collections on finance leases	1,707	7,001
Acquisition of business, net of cash acquired	(627,399)	0
Acquisition of leasing equipment	(299,564)	(252,859)
Acquisition of property, plant and equipment	(109,405)	(209,662)
Acquisition of lease intangibles	(7,403)	1,997
Purchase deposits for acquisitions	(13,790)	(5,320)
Proceeds from sale of leasing equipment	78,463	53,707
Proceeds from deposit on sale of aircraft and engine	600	0
Return of deposit on sale of engine	1,010	2,350
Net cash used in investing activities	(1,030,280)	(407,193)
Cash flows from financing activities:
Proceeds from debt	2,553,600	883,981
Repayment of debt	(1,452,704)	(495,991)
Payment of deferred financing costs	(45,123)	(20,416)
Receipt of security deposits	1,390	1,564
Return of security deposits	(1,034)	(3,815)
Receipt of maintenance deposits	23,075	25,102
Release of maintenance deposits	(19,615)	(12,429)
Proceeds from issuance of common shares, net of underwriter's discount	291,822	0
Proceeds from issuance of preferred shares, net of underwriter's discount and issuance costs	101,201	20,223
Purchase of non-controlling interest	0	(110)
Settlement of equity-based compensation	(421)	0
Cash dividends - common shares	(85,204)	(85,177)
Cash dividends - preferred shares	(17,967)	(13,243)
Net cash provided by financing activities	1,349,020	299,689
Net increase (decrease) in cash and cash equivalents and restricted cash	298,032	(79,111)
Cash and cash equivalents and restricted cash, beginning of period	161,418	242,517
Cash and cash equivalents and restricted cash, end of period	459,450	163,406
Supplemental disclosure of non-cash investing and financing activities:
Acquisition of leasing equipment	66,988	59,056
Acquisition of property, plant and equipment	(1,062)	(9,406)
Settled and assumed security deposits	(1,909)	(6,215)
Billed, assumed and settled maintenance deposits	(30,302)	(34,253)
Non-cash change in equity method investment	(77,518)	(16,822)
Issuance of common shares	$ 455	$ 304

ORGANIZATION	9 Months Ended
ORGANIZATION	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	1. ORGANIZATION Fortress Transportation and Infrastructure Investors LLC (“we”, “us”, “our” or the “Company”) is a Delaware limited liability company which, through its subsidiary, Fortress Worldwide Transportation and Infrastructure General Partnership (the “Partnership”), owns and leases aviation equipment and also owns and operates (i) a multi-modal crude oil and refined products terminal in Beaumont, Texas (“Jefferson Terminal”), (ii) a deep-water port located along the Delaware River with an underground storage cavern and multiple industrial development opportunities (“Repauno”), (iii) an equity method investment in a multi-modal terminal located along the Ohio River with multiple industrial development opportunities, including a power plant under construction (“Long Ridge”) and (iv) five freight railroads and one switching company (“Transtar”) that provide rail service to certain manufacturing and production facilities. Additionally, we own and lease offshore energy equipment and shipping containers. We have four reportable segments, (i) Aviation Leasing, (ii) Jefferson Terminal, (iii) Ports and Terminals and (iv) Transtar, which operate in two primary businesses, Equipment Leasing and Infrastructure (see Note 19).

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting—The accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of us and our subsidiaries. Principles of Consolidation—We consolidate all entities in which we have a controlling financial interest and control over significant operating decisions, as well as variable interest entities (“VIEs”) in which we are the primary beneficiary. All significant intercompany transactions and balances have been eliminated. All adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The ownership interest of other investors in consolidated subsidiaries is recorded as non-controlling interest. We use the equity method of accounting for investments in entities in which we exercise significant influence but which do not meet the requirements for consolidation. Under the equity method, we record our proportionate share of the underlying net income (loss) of these entities as well as the proportionate interest in adjustments to other comprehensive income (loss). Use of Estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Risks and Uncertainties—In the normal course of business, we encounter several significant types of economic risk including credit, market, and capital market risks. Credit risk is the risk of the inability or unwillingness of a lessee, customer, or derivative counterparty to make contractually required payments or to fulfill its other contractual obligations. Market risk reflects the risk of a downturn or volatility in the underlying industry segments in which we operate, which could adversely impact the pricing of the services offered by us or a lessee’s or customer’s ability to make payments, increase the risk of unscheduled lease terminations and depress lease rates and the value of our leasing equipment or operating assets. Capital market risk is the risk that we are unable to obtain capital at reasonable rates to fund the growth of our business or to refinance existing debt facilities. We, through our subsidiaries, also conduct operations outside of the United States; such international operations are subject to the same risks as those associated with our United States operations as well as additional risks, including unexpected changes in regulatory requirements, heightened risk of political and economic instability, potentially adverse tax consequences and the burden of complying with foreign laws. We do not have significant exposure to foreign currency risk as all of our leasing arrangements and the majority of terminal services revenue are denominated in U.S. dollars. Variable Interest Entities—The assessment of whether an entity is a VIE and the determination of whether to consolidate a VIE requires judgment. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated by its primary beneficiary, and only by its primary beneficiary, which is defined as the party who has the power to direct the activities of a VIE that most significantly impact its economic performance and who has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Delaware River Partners LLC During 2016, through Delaware River Partners LLC (“DRP”), a consolidated subsidiary, we purchased the assets of Repauno, which consisted primarily of land, a storage cavern, and riparian rights for the acquired land, site improvements and rights. Upon acquisition there were no operational processes that could be applied to these assets that would result in outputs without significant green field development. We currently hold an approximately 98% economic interest, and a 100% voting interest in DRP. DRP is solely reliant on us to finance its activities and therefore is a VIE. We concluded that we were the primary beneficiary; and accordingly, DRP has been presented on a consolidated basis in the accompanying financial statements. GM-FTAI Holdco LLC In September 2021, through GM-FTAI Holdco LLC (“Holdco”), we acquired a 50% interest in Aleon Renewable Metals LLC (“Aleon”) and a 1% interest in Gladieux Metals Recycling (“GMR”) for $52.5 million. Aleon plans to develop a lithium-ion battery recycling business across the United States. Each planned location will collect, discharge and disassemble lithium-ion batteries to extract various metals in high-purity form for resale into the lithium-ion battery production market. GMR specializes in recycling spent catalyst produced in the petroleum refining industry. Aleon and GMR are governed by separate boards of directors. Holdco is solely reliant on its interest holders to finance its activities and therefore is a VIE. We concluded that we are not the primary beneficiary of Holdco; therefore, we do not consolidate Holdco and account for this investment in accordance with the equity method. Cash and Cash Equivalents—We consider all highly liquid short-term investments with a maturity of 90 days or less when purchased to be cash equivalents. Restricted Cash—Restricted cash consists of prepaid interest and principal pursuant to the requirements of certain of our debt agreements (see Note 10) and other qualifying construction projects at Jefferson Terminal. Inventory—We hold aircraft engine modules, spare parts and used material inventory for trading and to support operations within our Aviation Leasing segment. Aviation inventory is carried at the lower of cost or net realizable value on our balance sheet. We had Aviation inventory of $82.3 million and $58.2 million as of September 30, 2021 and December 31, 2020, respectively, which is included in Other assets in the Consolidated Balance Sheets. Commodities inventory is carried at the lower of cost or net realizable value on our balance sheet. Commodities are removed from inventory based on the average cost at the time of sale. We had commodities inventory of $4.7 million and $0.1 million as of September 30, 2021 and December 31, 2020, respectively, which is included in Other assets in the Consolidated Balance Sheets. Deferred Financing Costs—Costs incurred in connection with obtaining long term financing are capitalized and amortized to interest expense over the term of the underlying loans. Unamortized deferred financing costs of $60.9 million and $36.2 million as of September 30, 2021 and December 31, 2020, respectively, are recorded as a component of debt in the Consolidated Balance Sheets. We also have unamortized deferred revolver fees related to our revolving debt of $0.4 million and $1.6 million as of September 30, 2021 and December 31, 2020, respectively, which are included in Other assets in the Consolidated Balance Sheets. Amortization expense was $14.4 million and $2.1 million for the three months ended September 30, 2021 and 2020, respectively, and $18.9 million and $6.2 million for the nine months ended September 30, 2021 and 2020, respectively, and is included in Interest expense in the Consolidated Statements of Operations. Revenue Recognition Equipment Leasing Revenues Operating Leases—We lease equipment pursuant to operating leases. Operating leases with fixed rentals and step rentals are recognized on a straight-line basis over the term of the lease, assuming no renewals. Revenue is not recognized when collection is not reasonably assured. When collectability is not reasonably assured, the customer is placed on non-accrual status and revenue is recognized when cash payments are received. Generally, under our aircraft lease and engine agreements, the lessee is required to make periodic maintenance payments calculated based on the lessee’s utilization of the leased asset or at the end of the lease. Typically, under our aircraft lease agreements, the lessee is responsible for maintenance, repairs and other operating expenses throughout the term of the lease. These periodic maintenance payments accumulate over the term of the lease to fund major maintenance events, and we are contractually obligated to return maintenance payments to the lessee up to the cost of maintenance events paid by the lessee. In the event the total cost of maintenance events over the term of a lease is less than the cumulative maintenance payments, we are not required to return any unused or excess maintenance payments to the lessee. Maintenance payments received for which we expect to repay to the lessee are presented as Maintenance Deposits in our Consolidated Balance Sheets. All excess maintenance payments received that we do not expect to repay to the lessee are recorded as Maintenance revenues. Estimates in recognizing revenue include mean time between removal, projected costs for engine maintenance and forecasted utilization of aircraft which are affected by historical usage patterns and overall industry, market and economic conditions. Significant changes to these estimates could have a material effect on the amount of revenue recognized in the period. For purchase and lease back transactions, we account for the transaction as a single arrangement. We allocate the consideration paid based on the relative fair value of the aircraft and lease. The fair value of the lease may include a lease premium or discount. In April 2020, the FASB Staff issued a question-and-answer document (the “Q&A”) regarding accounting for lease concessions related to the effects of the COVID-19 pandemic. The Q&A permits an entity to elect to forgo the evaluation of the enforceable rights and obligations of a lease contract required under ASC 842, Leases, as long as the total rent payments after the lease concessions are substantially the same, or less than, the total rent payments in the existing lease. The impact of the COVID-19 related lease concessions granted above did not have a material impact on our results of operations during the nine months ended September 30, 2021. Finance Leases—From time to time we enter into finance lease arrangements that include a lessee obligation to purchase the leased equipment at the end of the lease term, a bargain purchase option, or provides for minimum lease payments with a present value that equals or exceeds substantially all of the fair value of the leased equipment at the date of lease inception. Net investment in finance leases represents the minimum lease payments due from lessee, net of unearned income. The lease payments are segregated into principal and interest components similar to a loan. Unearned income is recognized on an effective interest method over the lease term and is recorded as finance lease income. The principal component of the lease payment is reflected as a reduction to the net investment in finance leases. Revenue is not recognized when collection is not reasonably assured. When collectability is not reasonably assured, the customer is placed on non-accrual status and revenue is recognized when cash payments are received. Infrastructure Revenues Terminal Services Revenues—Terminal services are provided to customers for the receipt and redelivery of various commodities. These revenues are recognized over time, i.e., as the services are rendered and the customer simultaneously receives and consumes the benefit over time. Rail Revenues—Rail revenues generally consist of the following performance obligations: industrial switching, interline services, demurrage and storage. Switching revenues are derived from the performance of switching services, which involve the movement of cars from one point to another within the limits of an individual plant, industrial area, or a rail yard. Switching revenues are recognized as the services are performed, and the services are completed on the same day they are initiated. Interline revenues are derived from transportation services for railcars that originate or terminate at our railroads and involve one or more other carriers. For interline traffic, one railroad typically invoices a customer on behalf of all railroads participating in the route directed by the customer. The invoicing railroad then pays the other railroads its portion of the total amount invoiced on a monthly basis. We record revenue related to interline traffic for transportation service segments provided by carriers along railroads that are not owned or controlled by us on a net basis. Interline revenues are recognized as the transportation movements occur. Our ancillary services revenue primarily relates to demurrage and storage services. Demurrage represents charges assessed by railroads for the detention of cars by shippers or receivers of freight beyond a specified free time and is recognized on a per day basis. Storage services revenue is earned for the provision of storage of shippers’ railcars and is generally recognized on a per day, per car basis, as the storage services are provided. Lease Income—Lease income consists of rental income from tenants for storage space. Lease income is recognized on a straight-line basis over the term of the relevant lease agreement. Crude Marketing Revenues—Crude marketing revenues consist of marketing revenue related to Canadian crude oil. The revenues are recognized over time, i.e., as the services are rendered and the customer simultaneously receives and consumes the benefit over time. Other Revenue—Other revenue primarily consists of revenue related to the handling, storage and sale of raw materials. Other revenue consists of two performance obligations: handling and storage of raw materials. The revenues are recognized over time, i.e., as the services are rendered and the customer simultaneously receives and consumes the benefit over time. Additionally, other revenue consists of revenue related to derivative trading activities. See Commodity Derivatives below for additional information. Payment terms for Infrastructure Revenues are generally short term in nature. Leasing Arrangements—At contract inception, we evaluate whether an arrangement is or contains a lease for which we are the lessee (that is, arrangements which provide us with the right to control a physical asset for a period of time). Operating lease right-of-use (“ROU”) assets and lease liabilities are recognized in Operating lease right-of-use assets, net and Operating lease liabilities in our Consolidated Balance Sheets, respectively. Finance lease ROU assets are recognized in Property, plant and equipment, net and lease liabilities are recognized in Other liabilities in our Consolidated Balance Sheets. All lease liabilities are measured at the present value of the unpaid lease payments, discounted using our incremental borrowing rate based on the information available at commencement date of the lease. ROU assets, for both operating and finance leases, are initially measured based on the lease liability, adjusted for prepaid rent and lease incentives. ROU assets are subsequently measured at the carrying amount of the lease liability adjusted for prepaid or accrued lease payments and lease incentives. The finance lease ROU assets are subsequently amortized using the straight-line method. Operating lease expenses are recognized on a straight-line basis over the lease term. With respect to finance leases, amortization of the ROU asset is presented separately from interest expense related to the finance lease liability. Variable lease payments, which are primarily based on usage, are recognized when the associated activity occurs. We have elected to combine lease and non-lease components for all lease contracts where we are the lessee. Additionally, for arrangements with lease terms of 12 months or less, we do not recognize ROU assets, and lease liabilities and lease payments are recognized on a straight-line basis over the lease term with variable lease payments recognized in the period in which the obligation is incurred. Concentration of Credit Risk—We are subject to concentrations of credit risk with respect to amounts due from customers on our finance leases and operating leases. We attempt to limit our credit risk by performing ongoing credit evaluations and, when deemed necessary, enter into collateral arrangements. During both the three and nine months ended September 30, 2021 and 2020, one customer in the Aviation Leasing segment accounted for approximately 10% of total revenue. During the three months ended September 30, 2021, one customer in the Transtar segment accounted for approximately 14% of total revenue. As of September 30, 2021, there were two customers in the Aviation Leasing segment that represented 26% and 10% of total accounts receivable, net and one customer in the Jefferson Terminal segment that represented 21% of total accounts receivable, net. As of December 31, 2020, accounts receivable from two customers in the Aviation Leasing segment represented 40% and 15% of total accounts receivable, net. We maintain cash and restricted cash balances, which generally exceed federally insured limits, and subject us to credit risk, in high credit quality financial institutions. We monitor the financial condition of these institutions and have not experienced any losses associated with these accounts. Allowance for Doubtful Accounts—We determine the allowance for doubtful accounts based on our assessment of the collectability of our receivables on a customer-by-customer basis. The allowance for doubtful accounts was $4.9 million and $4.6 million as of September 30, 2021 and December 31, 2020, respectively. There was bad debt expense of $1.6 million and $0.2 million for the three months ended September 30, 2021 and 2020, respectively, and $0.8 million and $2.0 million for the nine months ended September 30, 2021 and 2020, respectively, and is included in Operating expenses in the Consolidated Statements of Operations. Comprehensive Income (Loss)—Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances, excluding those resulting from investments by and distributions to owners. Our comprehensive income (loss) represents net income (loss), as presented in the Consolidated Statements of Operations, adjusted for fair value changes related to other comprehensive income (loss) related to our equity method investees. Derivative Financial Instruments Electricity Derivatives—Through our equity method investment in Long Ridge, we enter into derivative contracts as part of a risk management program to mitigate price risk associated with certain electricity price exposures. We primarily use swap derivative contracts, which are agreements to buy or sell a quantity of electricity at a predetermined future date and at a predetermined price. Cash Flow Hedges Certain of these derivative instruments are designated and qualify as cash flow hedges. Our share of the derivative's gain or loss is reported as Other comprehensive income (loss) related to equity method investees in our Consolidated Statements of Comprehensive (Loss) Income and recorded in Accumulated other comprehensive (loss) income in our Consolidated Balance Sheets. Derivatives Not Designated As Hedging Instruments Certain of these derivative instruments are not designated as hedging instruments for accounting purposes. The change in fair value of these contracts is recognized in Equity in earnings (losses) in unconsolidated entities in the Consolidated Statements of Operations. The cash flow impact of derivative contracts that are not designated as hedging instruments is recognized in Equity in earnings (losses) in unconsolidated entities in our Consolidated Statements of Cash Flows. Commodity Derivatives—We also enter into short-term and long-term crude forward contracts. Gains and losses related to our crude sales and purchase derivatives are recorded on a gross basis and are included in Crude marketing revenues and Operating expenses, respectively, in our Consolidated Statements of Operations. The cash flow impact of these derivatives is recognized in Change in fair value of non-hedge derivatives in our Consolidated Statements of Cash Flows. Additionally, depending on market conditions, we enter into short-term forward purchase and sales contracts for butane. Gains and losses related to our butane derivatives are recorded on a net basis and are included in Other revenue in our Consolidated Statements of Operations, as these contracts are considered part of central operating activities. The cash flow impact of these derivatives is recognized in Change in fair value of non-hedge derivatives in our Consolidated Statements of Cash Flows. See Note 12 for additional details related to our commodity derivatives. Some of our derivatives are used for speculative purposes. We record all derivative assets and liabilities on a gross basis at fair value, which are included in Other assets and Other liabilities, respectively, in our Consolidated Balance Sheets. Other Assets—Other assets is primarily comprised of lease incentives of $44.6 million and $55.1 million, purchase deposits of $12.2 million and $6.1 million, prepaid expenses of $23.7 million and $10.1 million, notes receivable of $31.7 million and $0.7 million, maintenance right assets of $22.6 million and $6.4 million and aircraft engine modules, spare parts and used material inventory of $82.3 million and $58.2 million as of September 30, 2021 and December 31, 2020, respectively. Dividends—Dividends are recorded if and when declared by the Board of Directors. For both the three and nine months ended September 30, 2021 and 2020, the Board of Directors declared cash dividends of $0.33 and $0.99 per common share, respectively. Additionally, in the quarter ended September 30, 2021, the Board of Directors declared cash dividends on the Series A Preferred Shares, Series B Preferred Shares and Series C Preferred Shares of $0.52, $0.50 and $0.52 per share, respectively. Recent Accounting Pronouncements—In March 2020 and January 2021, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and ASU 2021-01, Reference Rate Reform: Scope, respectively. Together, the ASUs temporarily simplify the accounting for contract modifications, including hedging relationships, due to the transition from LIBOR and other interbank offered rates to alternative reference interest rates. For example, entities can elect not to remeasure the contracts at the modification date or reassess a previous accounting determination if certain conditions are met. Additionally, entities can elect to continue applying hedge accounting for hedging relationships affected by reference rate reform if certain conditions are met. The new standard was effective upon issuance and generally can be applied to applicable contract modifications through December 31, 2022. Adoption did not have a material impact on our consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (Topic 740). This standard simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in ASC 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The standard also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020 and early adoption is permitted. We adopted this guidance in the first quarter of 2021, which did not have a material impact on our consolidated financial statements. Unadopted Accounting Pronouncements—In July 2021, the FASB issued ASU 2021-05, Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments. This ASU requires lessors to classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if (i) the lease would have been classified as a sales-type lease or a direct financing lease under Topic 842 and (ii) the lessor would have otherwise recognized a day-one loss. This standard is effective for all reporting periods beginning after December 15, 2021. We are currently assessing the impact this guidance may have on our consolidated financial statements.

DISCONTINUED OPERATIONS	9 Months Ended
DISCONTINUED OPERATIONS	Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	3. DISCONTINUED OPERATIONSIn December 2019, we completed the sale of substantially all of our railroad business (“CMQR”), which was previously reported as our Railroad segment. Under ASC 205-20, this disposition met the criteria to be reported as discontinued operations. Accordingly, the results of operations of CMQR have been reported as discontinued operations for all periods presented. During the nine months ended September 30, 2020, we recognized a gain on sale of $1.3 million which is reported in Net income from discontinued operations, net of income taxes in the Consolidated Statements of Operations. There were no non-cash items or capital expenditures during the

ACQUISITION OF TRANSTAR, LLC.

9 Months Ended

Sep. 30, 2021

Business Combinations [Abstract]

ACQUISITIONS

4. ACQUISITION OF TRANSTAR, LLC

On July 28, 2021, we completed the acquisition for 100% of the equity interests of Transtar, LLC (“Transtar”) from United States Steel Corporation (“USS”) for total consideration of $636.0 million. Transtar is comprised of five freight railroads and one switching company, of which two railroads are connected to USS’s largest production facilities. We also entered into an exclusive rail partnership with USS, under which we will provide rail service to USS for an initial term of 15 years with minimum volume commitments for the first five years. Transtar operates as a separate reportable segment within our Infrastructure business. See Note 19 for additional information. The results of operations at Transtar have been included in the Consolidated Statements of Operations as of the effective date of the acquisition. In connection with the acquisition, we recorded $3.9 million and $7.0 million of acquisition and transaction expense during the three and nine months ended September 30, 2021, respectively.

We funded the transaction with bridge loans in an aggregate principal amount of $650 million. In September 2021, we issued new equity and debt and repaid in full the bridge loans. See Notes 10 and 20 for additional information.

The following fair values assigned to assets acquired and liabilities assumed are preliminary based on management’s estimates and assumptions. The final valuation and related allocation of the purchase price is subject to change as additional information is received and will be completed no later than 12 months after the closing date. The final acquisition accounting adjustments may

be materially different and may include (i) changes in fair values of Property, plant and equipment and associated salvage values; (ii) changes in allocations to Intangible assets, such as above or below market leases, customer relationships, as well as goodwill; and, (iii) other changes to assets and liabilities, such as working capital accounts and inventory.

The following table summarizes the preliminary allocation of the purchase price, as presented in our Consolidated Balance Sheets:


Fair value of assets acquired:
Cash and cash equivalents	$	8,610
Accounts receivable, net	18,625
Operating lease right-of-use assets, net	10,831

Property, plant and equipment, net	506,479
Intangible assets, net	62,500
Other assets	15,594
Total assets	622,639
Fair value of liabilities assumed:
Accounts payable and accrued liabilities	47,010
Operating lease liabilities	10,689
Pension and other postretirement benefits (1)	37,552
Other liabilities	8,587
Total liabilities	103,838
Goodwill (2)	117,206
Total purchase consideration	$	636,007

________________________________________________________

(1) Included in Other liabilities in the Consolidated Balance Sheets.

(2) Goodwill is primarily attributable to the assembled workforce of Transtar and the synergies expected to be achieved. This goodwill is assigned to the new Transtar segment and is tax deductible for income tax purposes.

The following table presents the identifiable intangible assets and their estimated useful lives:


	Estimated useful life in years	Fair value
Above/below market leases	2 - 7	$	1,500
Customer relationships	13 - 15	61,000

Total		$	62,500

The following table presents the property, plant and equipment and their estimated useful lives:


	Estimated useful life in years	Fair value
Railcars and locomotives	1 - 40	$	126,055
Track and track related assets	1 - 40	88,121
Land, site improvements and rights	N/A	91,890
Bridges and tunnels	15 - 55	176,309
Buildings and improvements	3 - 25	12,533
Railroad equipment	2 - 15	2,712
Terminal machinery and equipment	2 - 15	3,215
Vehicles	2 - 5	3,538
Construction in progress	N/A	1,928
Computer hardware and software	2 - 22	178
Total		$	506,479

The unaudited financial information in the table below summarizes the combined results of operations of FTAI and Transtar on a pro forma basis, as though the companies had been combined as of January 1, 2020. These pro forma results were based on estimates and assumptions which we believe are reasonable. The pro forma adjustments are primarily comprised of the following:

•The allocation of the purchase price and related adjustments, including adjustments to depreciation and amortization expense related to the fair value of property, plant and equipment and intangible assets acquired;

•Impacts of debt financing, including interest for debt issued and amortization of deferred financing costs;

•The exclusion of acquisition-related costs incurred during the three and nine months ended September 30, 2021 and allocation of substantially all acquisition-related costs to the nine months ended September 30, 2020; and

•Associated tax-related impacts of adjustments.

The pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place as of January 1, 2020.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Total revenue	$	146,233	$	111,415	$	389,569	$	374,184
Net loss attributable to shareholders	(24,778)		(23,549)		(87,666)		(62,521)

LEASING EQUIPMENT, NET

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

LEASING EQUIPMENT, NET

5. LEASING EQUIPMENT, NET

Leasing equipment, net is summarized as follows:




	September 30, 2021		December 31, 2020
Leasing equipment	$	2,137,509	$	2,042,404
Less: accumulated depreciation	(440,915)		(407,145)
Leasing equipment, net	$	1,696,594	$	1,635,259

During the nine months ended September 30, 2021, we evaluated our leasing equipment portfolio and identified certain assets with indicators of impairment, including, but not limited to, the redelivery of unserviceable leasing equipment and a decline in market values due to the ongoing COVID-19 pandemic for leasing equipment we have decided to sell. For these assets, we performed a recoverability assessment at the individual asset level and determined that the carrying amounts exceeded the estimated future undiscounted net cash flows and these assets were impaired. To determine fair value, we used both a market approach, using quoted market prices for the same or similar assets, and an income approach, using discounted cash flows and an estimated discount rate. As a result, we adjusted the carrying value of these assets to fair value and recognized transactional impairment charges of $3.0 million, net of redelivery compensation.

The following table presents information related to our acquisitions and dispositions of aviation leasing equipment during the nine months ended September 30, 2021:


Acquisitions:
Aircraft			24
Engines			44
Dispositions:
Aircraft			4
Engines			31

Depreciation expense for leasing equipment is summarized as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Depreciation expense for leasing equipment	$	36,406	$	35,104	$	107,000	$	104,121

FINANCE LEASES, NET

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

FINANCE LEASES, NET

6. FINANCE LEASES, NET

Finance leases, net are summarized as follows:




	September 30, 2021		December 31, 2020
Finance leases	$	16,148	$	9,389
Unearned revenue	(2,353)		(2,462)
Finance leases, net	$	13,795	$	6,927

During the nine months ended September 30, 2021, we entered into 52-month sales-type lease arrangements for five airframes.

PROPERTY, PLANT AND EQUIPMENT, NET

9 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT, NET

7. PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net is summarized as follows:




	September 30, 2021		December 31, 2020
Land, site improvements and rights	$	151,185	$	52,047
Construction in progress	126,537		425,261
Bridges and tunnels	176,310		—
Buildings and improvements	18,826		4,491
Terminal machinery and equipment	937,319		557,788

Track and track related assets	96,497		2,349
Railroad equipment	7,792		5,560
Railcars and locomotives	126,429		—
Computer hardware and software	5,337		5,101
Furniture and fixtures	3,113		2,449
Other	10,033		5,870
	1,659,378		1,060,916
Less: accumulated depreciation	(131,608)		(96,553)

Property, plant and equipment, net	$	1,527,770	$	964,363

During the nine months ended September 30, 2021, we added property, plant and equipment and placed additional assets into service of $598.5 million, which primarily consist of assets acquired in our acquisition of Transtar and terminal machinery and equipment placed in service or under development at Jefferson Terminal and Repauno.

Depreciation expense for property, plant and equipment is summarized as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020

Depreciation expense	$	15,291	$	6,634	$	34,826	$	19,757

INVESTMENTS

9 Months Ended

Sep. 30, 2021

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENTS

8. INVESTMENTS

The following table presents the ownership interests and carrying values of our investments:


			Carrying Value
	Investment	Ownership Percentage	September 30, 2021		December 31, 2020
Advanced Engine Repair JV	Equity method	25%	$	21,670	$	22,721

Intermodal Finance I, Ltd.	Equity method	51%	—		—
Long Ridge Terminal LLC	Equity method	50%	35,538		122,539
FYX Trust Holdco LLC	Equity	14%	1,255		1,255
GM-FTAI Holdco LLC	Equity method	50%	52,500		—
Investments			$	110,963	$	146,515

We did not recognize any other-than-temporary impairments for the three and nine months ended September 30, 2021 or 2020.

The following table presents our proportionate share of equity in income (losses):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Advanced Engine Repair JV	$	(369)	$	(247)	$	(1,050)	$	(1,432)

Intermodal Finance I, Ltd.	76		32		452		(51)
Long Ridge Terminal LLC	(3,789)		(2,286)		(9,262)		(3,962)


Total	$	(4,082)	$	(2,501)	$	(9,860)	$	(5,445)

Equity Method Investments

Long Ridge Terminal LLC

In December 2019, Ohio River Shareholder LLC (“ORP”) contributed its equity interests in Long Ridge into Long Ridge Terminal LLC and sold a 49.9% interest (the “Long Ridge Transaction”) for $150 million in cash, plus an earn out. We no longer have a controlling interest in Long Ridge but still maintain significant influence through our retained interest and, therefore, now account for this investment in accordance with the equity method. Following the sale we deconsolidated ORP, which held the assets of Long Ridge.

Advanced Engine Repair JV

In December 2016, we invested $15 million for a 25% interest in an advanced engine repair joint venture. We focus on developing new cost savings programs for engine repairs. We exercise significant influence over this investment and account for this investment as an equity method investment.

In August 2019, we expanded the scope of our joint venture and invested an additional $13.5 million and maintained a 25% interest.

GM-FTAI Holdco LLC

In September 2021, through GM-FTAI Holdco LLC, we invested $52.5 million for a 50% interest in Aleon and a 1% interest in GMR. Aleon plans to develop a lithium-ion battery recycling business across the United States. Each planned location will collect, discharge and disassemble lithium-ion batteries to extract various metals in high-purity form for resale into the lithium-ion battery production market. GMR specializes in recycling spent catalyst produced in the petroleum refining industry.

Equity Investments

FYX Trust Holdco LLC

In July 2020, we invested $1.3 million for a 14% interest in an operating company that provides roadside assistance services for the intermodal and over-the-road trucking industries. FYX Trust Holdco LLC (“FYX”) has developed a mobile and web-based application that connects fleet managers, owner-operators, and drivers with repair vendors to efficiently and reliably quote, dispatch, monitor, and bill roadside repair services.

INTANGIBLE ASSETS AND LIABILITIES, NET

9 Months Ended

Sep. 30, 2021

Intangible Assets and Liabilities Disclosure [Abstract]

INTANGIBLE ASSETS AND LIABILITIES, NET

9. INTANGIBLE ASSETS AND LIABILITIES, NET

Intangible assets and liabilities, net are summarized as follows:


	September 30, 2021
	Aviation Leasing		Jefferson Terminal		Transtar		Total
Intangible assets
Acquired favorable lease intangibles	$	42,751	$	—	$	1,500	$	44,251
Less: Accumulated amortization	(34,092)		—		(63)		(34,155)
Acquired favorable lease intangibles, net	8,659		—		1,437		10,096

Customer relationships	—		35,513		61,000		96,513
Less: Accumulated amortization	—		(25,150)		(722)		(25,872)
Acquired customer relationships, net	—		10,363		60,278		70,641

Total intangible assets, net	$	8,659	$	10,363	$	61,715	$	80,737

Intangible liabilities
Acquired unfavorable lease intangibles	$	7,148	$	—	$	100	$	7,248
Less: Accumulated amortization	(5,886)		—		(2)		(5,888)
Acquired unfavorable lease intangibles, net	$	1,262	$	—	$	98	$	1,360


	December 31, 2020
	Aviation Leasing		Jefferson Terminal		Transtar		Total
Intangible assets
Acquired favorable lease intangibles	$	35,349	$	—	$	—	$	35,349
Less: Accumulated amortization	(29,591)		—		—		(29,591)
Acquired favorable lease intangibles, net	5,758		—		—		5,758

Customer relationships	—		35,513		—		35,513
Less: Accumulated amortization	—		(22,485)		—		(22,485)
Acquired customer relationships, net	—		13,028		—		13,028

Total intangible assets, net	$	5,758	$	13,028	$	—	$	18,786

Intangible liabilities
Acquired unfavorable lease intangibles	$	7,151	$	—	$	—	$	7,151
Less: Accumulated amortization	(4,604)		—		—		(4,604)
Acquired unfavorable lease intangibles, net	$	2,547	$	—	$	—	$	2,547

Intangible liabilities relate to unfavorable lease intangibles and are included as a component of Other liabilities in the Consolidated Balance Sheets.

Amortization of intangible assets and liabilities is as follows:


	Classification in Consolidated Statements of Operations	Three Months Ended September 30,				Nine Months Ended September 30,
		2021		2020		2021		2020
Lease intangibles	Equipment leasing revenues	$	1,266	$	953	$	3,216	$	3,016
Lease intangibles	Depreciation and amortization	61		—		61		—
Customer relationships	Depreciation and amortization	1,610		888		3,387		2,665

Total		$	2,937	$	1,841	$	6,664	$	5,681

As of September 30, 2021, estimated net annual amortization of intangibles is as follows:


Remainder of 2021	$	2,818
2022	10,333
2023	9,577
2024	8,374
2025	5,209
Thereafter	43,066
Total	$	79,377

DEBT, NET

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

DEBT, NET

10. DEBT, NET

Our debt, net is summarized as follows:


	September 30, 2021				December 31, 2020
	Outstanding Borrowings		Stated Interest Rate	Maturity Date	Outstanding Borrowings
Loans payable
Revolving Credit Facility (1)	$	50,000	(i) Base Rate + 2.00%; or (ii) Adjusted Eurodollar Rate + 3.00%	1/31/22	$	—
DRP Revolver (2)	25,000		(i) Base Rate + 1.50%; or (ii) Base Rate + 2.50% (Eurodollar)	11/5/21	25,000
EB-5 Loan Agreement	26,100		5.75%	1/25/26	—
Total loans payable	101,100				25,000
Bonds payable
Series 2020 Bonds	263,980		(i) Tax Exempt Series 2020A Bonds: 3.625% (ii) Tax Exempt Series 2020A Bonds: 4.00% (iii) Taxable Series 2020B Bonds: 6.00%	(i) 1/1/35 (ii) 1/1/50 (iii) 1/1/25	263,980
Series 2021 Bonds	425,000		(i) Series 2021A Bonds: 1.875% to 3.000% (ii) Series 2021B Bonds: 4.100%	(i) 1/1/26 to 1/1/50 (ii) 1/1/28	—
Senior Notes due 2022 (3)	—		N/A	N/A	399,331
Senior Notes due 2025 (4)	852,320		6.50%	10/1/25	852,673
Senior Notes due 2027	400,000		9.75%	8/1/27	400,000
Senior Notes due 2028 (5)	1,002,494		5.50%	5/1/28	—
Total bonds payable	2,943,794				1,915,984

Debt	3,044,894				1,940,984
Less: Debt issuance costs	(60,905)				(36,222)
Total debt, net	$	2,983,989			$	1,904,762

Total debt due within one year	$	75,000			$	25,000

________________________________________________________

(1) Requires a quarterly commitment fee at a rate of 0.50% on the average daily unused portion, as well as customary letter of credit fees and agency fees.

(2) Requires a quarterly commitment fee at a rate of 0.875% on the average daily unused portion, as well as customary letter of credit fees and agency fees.

(3) Includes an unamortized discount of $2,230 and an unamortized premium of $1,561 at December 31, 2020.

(4) Includes an unamortized discount of $3,713 and $4,303 at September 30, 2021 and December 31, 2020, respectively, and an unamortized premium of $6,033 and $6,976 at September 30, 2021 and December 31, 2020, respectively.

(5) Includes an unamortized premium of $2,494 at September 30, 2021.

EB-5 Loan Agreement—On January 25, 2021, Jefferson entered into a non-recourse loan agreement under the U.S. Citizenship and Immigration Services EB-5 Program (“EB-5 Loan Agreement”) to pay for the development, construction and acquisition of certain facilities at Jefferson Terminal. The maximum aggregate principal amount available under the EB-5 Loan Agreement is $61.2 million, of which $26.1 million is available under the first tranche and $35.1 million is available under the second tranche. The loans mature in 5 years from the funding of each individual tranche with an option to extend the maturity for both tranches by two one-year periods. If the option to extend the maturity is exercised, the interest rate will increase to 6.25% from 5.75% for the extension period.

Senior Notes due 2028—On April 12, 2021, we issued $500 million aggregate principal amount of senior unsecured notes due 2028 (the “Senior Notes due 2028”). The Senior Notes due 2028 bear interest at a rate of 5.50% per annum, payable semi-annually in arrears on May 1 and November 1 of each year, commencing on November 1, 2021. We used a portion of the proceeds to redeem in full the Senior Notes due 2022 (see below), and used the remaining net proceeds for general corporate purposes, including the funding of acquisitions and investments, including aviation investments.

On September 24, 2021, we issued an additional $500 million aggregate principal amount of the Senior Notes due 2028 at an offering price of 100.50%, plus accrued interest from and including April 12, 2021. We used a portion of the net proceeds in the amount of $358.3 million to repay in full the Bridge Loans (as defined below).

Senior Notes due 2022—On May 7, 2021, we redeemed in full the Senior Notes due 2022, which totaled $400 million aggregate principal plus accrued and unpaid interest, and recognized a loss on extinguishment of debt of $3.3 million.

Bridge Loan Agreement—On July 28, 2021, in connection with our acquisition of Transtar, we entered into an agreement for senior unsecured bridge term loans (“Bridge Loans”) in an aggregate principal amount of $650 million, which we used to finance the acquisition and other certain fees associated with the transaction.

On September 14, 2021, we used net proceeds in the amount of $291.7 million from an equity offering (see Note 20) to repay a portion of the Bridge Loans. On September 24, 2021, we used a portion of the net proceeds in the amount of $358.3 million from our issuance of the Senior Notes due 2028 to repay in full the Bridge Loans. We recorded fees of approximately $12.2 million which are included in Interest expense in the Consolidated Statements of Operations.

Series 2021 Bonds—On August 18, 2021, Jefferson issued $425 million aggregate principal amount of Series 2021 Bonds, which are designated as $225 million of Series 2021A Dock and Wharf Facility Revenue Bonds (the “Series 2021A Bonds”) and $200 million of Series 2021B Taxable Facility Revenue Bonds (the “Taxable Series 2021B Bonds”).

The Series 2021A Bonds consist of:

i)$39.1 million aggregate principal amount of Serial Bonds maturing between January 1, 2026 and January 1, 2031, and bearing interest at specified fixed rates ranging from 1.875% to 2.625% per annum,

ii)$38.2 million aggregate principal amount of Term Bonds maturing January 1, 2036, and bearing interest at a fixed rate of 2.750% per annum,

iii)$44.9 million aggregate principal amount of Term Bonds maturing January 1, 2041, and bearing interest at a fixed rate of 2.875% per annum, and

iv)$102.8 million aggregate principal amount of Term Bonds maturing January 1, 2050, and bearing interest at a fixed rate of 3.00% per annum.

The Taxable Series 2021B Bonds will mature on January 1, 2028, and bear interest at a fixed rate of 4.100% per annum.

Jefferson used a portion of the net proceeds from the Series 2021 Bonds to repay certain indebtedness, and intend to use a portion of the net proceeds to pay for or reimburse the cost of development, construction and acquisition of certain facilities.

We were in compliance with all debt covenants as of September 30, 2021.

FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

11. FAIR VALUE MEASUREMENTS

Fair value measurements and disclosures require the use of valuation techniques to measure fair value that maximize the use of observable inputs and minimize use of unobservable inputs. These inputs are prioritized as follows:

•Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities.

•Level 2: Inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities or market corroborated inputs.

•Level 3: Unobservable inputs for which there is little or no market data and which require us to develop our own assumptions about how market participants price the asset or liability.

The valuation techniques that may be used to measure fair value are as follows:

•Market approach—Uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.

•Income approach—Uses valuation techniques to convert future amounts to a single present amount based on current market expectations about those future amounts.

•Cost approach—Based on the amount that currently would be required to replace the service capacity of an asset (replacement cost).

The following tables set forth our financial assets measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020, by level within the fair value hierarchy. Assets measured at fair value are classified in their entirety based on the lowest level of input that is significant to their fair value measurement.


	Fair Value as of		Fair Value Measurements Using Fair Value Hierarchy as of
	September 30, 2021		September 30, 2021
	Total		Level 1		Level 2		Level 3		Valuation Technique
Assets
Cash and cash equivalents	$	176,052	$	176,052	$	—	$	—	Market
Restricted cash	283,398		283,398		—		—		Market
Derivative assets	1,979		—		1,979		—		Income
Total assets	$	461,429	$	459,450	$	1,979	$	—





	Fair Value as of		Fair Value Measurements Using Fair Value Hierarchy as of
	December 31, 2020		December 31, 2020
	Total		Level 1		Level 2		Level 3		Valuation Technique
Assets
Cash and cash equivalents	$	121,703	$	121,703	$	—	$	—	Market
Restricted cash	39,715		39,715		—		—		Market

Total	$	161,418	$	161,418	$	—	$	—

Our cash and cash equivalents and restricted cash consist largely of demand deposit accounts with maturities of 90 days or less when purchased that are considered to be highly liquid. These instruments are valued using inputs observable in active markets for identical instruments and are therefore classified as Level 1 within the fair value hierarchy.

Except as discussed below, our financial instruments other than cash and cash equivalents and restricted cash consist principally of accounts receivable, accounts payable and accrued liabilities, loans payable, bonds payable, security deposits, maintenance deposits and management fees payable, whose fair values approximate their carrying values based on an evaluation of pricing data, vendor quotes, and historical trading activity or due to their short maturity profiles.

The fair value of our bonds and notes payable reported as debt, net in the Consolidated Balance Sheets are presented in the table below:


	September 30, 2021		December 31, 2020
Series 2020 A Bonds (1)	$	191,362	$	186,306
Series 2020 B Bonds (1)	81,768		79,723
Series 2021 A Bonds (1)	219,071		—
Series 2021 B Bonds (1)	196,042		—
Senior Notes due 2022	—		403,536
Senior Notes due 2025	876,299		888,701
Senior Notes due 2027	453,256		460,340
Senior Notes due 2028	1,008,960		—

________________________________________________________

(1) Fair value is based upon market prices for similar municipal securities.

The fair value of all other items reported as debt, net in the Consolidated Balance Sheets approximate their carrying values due to their bearing market rates of interest and are classified as Level 2 within the fair value hierarchy.

We measure the fair value of certain assets and liabilities on a non-recurring basis when GAAP requires the application of fair value, including events or changes in circumstances that indicate that the carrying amounts of assets may not be recoverable. Assets subject to these measurements include goodwill, intangible assets, property, plant and equipment and leasing equipment. We record such assets at fair value at acquisition or when it is determined the carrying value may not be recoverable. Fair value measurements for assets subject to impairment tests are based on an income approach which uses Level 3 inputs, which include our assumptions as to future cash flows from operation of the underlying businesses and the leasing and eventual sale of assets.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

DERIVATIVE FINANCIAL INSTRUMENTS

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS

12. DERIVATIVE FINANCIAL INSTRUMENTS

Commodity Derivatives

Crude Oil

Depending on market conditions, we source crude oil from producers in Canada, arranging logistics to Jefferson Terminal and marketing crude oil to third parties. We exited this strategy in the fourth quarter of 2019. These crude oil forward purchase and sales contracts are not designated in hedging relationships.

Butane

Depending on market conditions, Repauno enters into forward purchase and sales contracts for butane. These derivatives are short-term in nature and are used for trading purposes.

The following table presents information related to our butane derivative contracts:


	September 30, 2021		December 31, 2020
Notional Amount (BBL in thousands)	493		N/A
Fair Value of Assets (1)	$	1,979	$	—

Term	1 to 6 months		N/A

________________________________________________________

(1) Included in Other assets in the Consolidated Balance Sheets.

The following table presents a summary of the changes in fair value for all Level 3 derivatives:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Beginning Balance	$	—	$	—	$	—	$	181
Net losses recognized in earnings	—		—		—		(181)




Ending Balance	$	—	$	—	$	—	$	—

There were no transfers into or out of Level 3 during the periods presented.

REVENUES

9 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

REVENUES

13. REVENUES

We disaggregate our revenue from contracts with customers by products and services provided for each of our segments, as we believe it best depicts the nature, amount, timing and uncertainty of our revenue. Revenues attributed to our Equipment Leasing business unit are within the scope of ASC 842, while revenues attributed to our Infrastructure business unit are within the scope of ASC 606, unless otherwise noted. Under the provisions of ASC 842, we have elected to exclude sales and other similar taxes from lease payments in arrangements where we are a lessor.


	Three Months Ended September 30, 2021
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Transtar		Corporate and Other		Total
Equipment leasing revenues
Lease income	$	40,392	$	—	$	—	$	—	$	2,386	$	42,778
Maintenance revenue	40,252		—		—		—		—		40,252
Finance lease income	439		—		—		—		—		439
Other revenue	12,855		—		—		—		2,850		15,705
Total equipment leasing revenues	93,938		—		—		—		5,236		99,174
Infrastructure revenues
Lease income	—		433		—		358		—		791
Rail revenues	—		—		—		24,182		—		24,182
Terminal services revenues	—		11,469		—		—		—		11,469
Crude marketing revenues	—		—		—		—		—		—
Other revenue	—		—		(458)		—		804		346
Total infrastructure revenues	—		11,902		(458)		24,540		804		36,788
Total revenues	$	93,938	$	11,902	$	(458)	$	24,540	$	6,040	$	135,962


	Three Months Ended September 30, 2020
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Transtar		Corporate and Other		Total
Equipment leasing revenues
Lease income	$	38,537	$	—	$	—	$	—	$	1,903	$	40,440
Maintenance revenue	25,609		—		—		—		—		25,609
Finance lease income	591		—		—		—		—		591
Other revenue	1,754		—		—		—		1,405		3,159
Total equipment leasing revenues	66,491		—		—		—		3,308		69,799
Infrastructure revenues
Lease income	—		368		—		—		—		368

Terminal services revenues	—		11,329		—		—		—		11,329
Crude marketing revenues	—		—		—		—		—		—
Other revenue	—		—		1,242		—		971		2,213
Total infrastructure revenues	—		11,697		1,242		—		971		13,910
Total revenues	$	66,491	$	11,697	$	1,242	$	—	$	4,279	$	83,709


	Nine Months Ended September 30, 2021
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Transtar		Corporate and Other		Total
Equipment leasing revenues
Lease income	$	120,389	$	—	$	—	$	—	$	5,518	$	125,907
Maintenance revenue	87,763		—		—		—		—		87,763
Finance lease income	1,285		—		—		—		—		1,285
Other revenue	19,045		—		—		—		3,352		22,397
Total equipment leasing revenues	228,482		—		—		—		8,870		237,352
Infrastructure revenues
Lease income	—		1,295		—		358		—		1,653
Rail revenues	—		—		—		24,182		—		24,182
Terminal services revenues	—		32,853		157		—		—		33,010
Crude marketing revenues	—		—		—		—		—		—
Other revenue	—		—		9,825		—		4,004		13,829
Total infrastructure revenues	—		34,148		9,982		24,540		4,004		72,674
Total revenues	$	228,482	$	34,148	$	9,982	$	24,540	$	12,874	$	310,026


	Nine Months Ended September 30, 2020
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Transtar		Corporate and Other		Total
Equipment leasing revenues
Lease income	$	127,983	$	—	$	—	$	—	$	6,904	$	134,887
Maintenance revenue	84,709		—		—		—		—		84,709
Finance lease income	1,433		—		—		—		—		1,433
Other revenue	10,617		—		—		—		4,436		15,053
Total equipment leasing revenues	224,742		—		—		—		11,340		236,082
Infrastructure revenues
Lease income	—		775		—		—		—		775

Terminal services revenues	—		40,534		—		—		—		40,534
Crude marketing revenues	—		8,210		—		—		—		8,210
Other revenue	—		—		1,556		—		3,701		5,257
Total infrastructure revenues	—		49,519		1,556		—		3,701		54,776
Total revenues	$	224,742	$	49,519	$	1,556	$	—	$	15,041	$	290,858

Presented below are the contracted minimum future annual revenues to be received under existing operating and finance leases across several market sectors as of September 30, 2021:


	Operating Leases		Finance Leases
Remainder of 2021	$	46,354	$	408
2022	134,253		1,291
2023	96,095		531
2024	69,352		113
2025	47,450		10
Thereafter	32,865		—
Total	$	426,369	$	2,353

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

LEASES

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

LEASES

14. LEASES

We have commitments as lessees under lease arrangements primarily for real estate, equipment and vehicles. Our leases have remaining lease terms ranging from approximately two months to 41 years.

The following table presents lease related costs:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Amortization of right-of-use assets	$	161	$	—	$	161	$	—
Interest on lease liabilities	11		—		11		—
Finance lease expense	172		—		172		—
Operating lease expense	1,780		1,230		4,227		3,594
Short-term lease expense	320		84		900		534
Variable lease expense	540		111		1,177		1,215

Total lease expense	$	2,812	$	1,425	$	6,476	$	5,343

The following table presents information related to our operating leases as of and for the nine months ended September 30, 2021:


Right-of-use assets, net	$	74,643
Lease liabilities	74,134

Weighted average remaining lease term	33.6 years
Weighted average incremental borrowing rate	5.6		%


Cash paid for amounts included in the measurement of operating lease liabilities	$	4,208

The following table presents future minimum lease payments under non-cancellable operating leases as of September 30, 2021:


Remainder of 2021	$	4,224
2022	9,589
2023	7,875
2024	6,901
2025	6,677
Thereafter	148,455
Total undiscounted lease payments	183,721
Less: Imputed interest	109,587
Total lease liabilities	$	74,134

In July 2021, in connection with our acquisition of Transtar, we assumed ROU assets of approximately $10.8 million with a weighted average remaining term of 5.5 years.

Additionally, during the nine months ended September 30, 2021, we entered into a new lease for real estate, which had a ROU asset value of $2.7 million and a lease term of approximately five years at commencement.

EQUITY-BASED COMPENSATION

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

EQUITY-BASED COMPENSATION

15. EQUITY-BASED COMPENSATION

In 2015, we established a Nonqualified Stock Option and Incentive Award Plan (“Incentive Plan”) which provides for the ability to grant equity compensation awards in the form of stock options, stock appreciation rights, restricted stock, and performance awards to eligible employees, consultants, directors, and other individuals who provide services to us, each as determined by the Compensation Committee of the Board of Directors.

As of September 30, 2021, the Incentive Plan provides for the issuance of up to 29.8 million shares. We account for equity-based compensation expense in accordance with ASC 718 Compensation-Stock Compensation and is reported within operating expenses and general and administrative in the Consolidated Statements of Operations.

The Consolidated Statements of Operations includes the following expense related to our stock-based compensation arrangements:


	Three Months Ended September 30,				Nine Months Ended September 30,				Remaining Expense To Be Recognized, If All Vesting Conditions Are Met		Weighted Average Remaining Contractual Term (in years)
	2021		2020		2021		2020

Restricted Shares	$	553	$	427	$	2,664	$	857	$	4,712	1.2
Common Units	175		194		617		466		1,230		1.1
Total	$	728	$	621	$	3,281	$	1,323	$	5,942

Options

During the nine months ended September 30, 2021, FIG LLC (the “Manager”), an affiliate of Fortress Investment Group LLC, transferred 25,998 of its options to certain of the Manager’s employees. Additionally, certain of the Manager’s employees exercised 165,268 options at a weighted average exercise price of $18.22 and received a net 55,092 common shares.

In connection with our March 2021 offering of preferred shares (see Note 20), we granted options to the Manager related to 355,932 common shares at an exercise price of $29.50, which had a grant date fair value of $3.7 million. The assumptions used in valuing the options were: a 1.70% risk-free rate, a 3.16% dividend yield, a 45.60% volatility and a ten-year term.

In connection with our September 2021 offering of common shares (see Note 20), we granted options to the Manager related to 1,200,000 common shares at an exercise price of $25.50, which had a grant date fair value of $9.2 million. The assumptions used in valuing the options were: a 1.34% risk-free rate, a 3.64% dividend yield, a 44.78% volatility and a ten-year term.

Common Units

During the nine months ended September 30, 2021, we issued 1,052,632 common units of our subsidiary that had a grant date fair value of $1.2 million and vest over three years. These awards are subject to continued employment, and the compensation expense is recognized ratably over the vesting periods. The fair value of these awards was based on the fair value of the operating subsidiary on the grant date, which was estimated using a discounted cash flow analysis that requires the application of discount factors and terminal multiples to projected cash flows. Discount factors and terminal multiples were based on market-based inputs and transactions, as available at the measurement date.

Restricted Shares

During the nine months ended September 30, 2021, we issued restricted shares of our subsidiary that had a grant date fair value of $5.3 million and vest over three years. These awards are subject to continued employment, and the compensation expense is recognized ratably over the vesting periods. The fair value of these awards was based on the fair value of the operating subsidiary on the grant date, which was estimated using a discounted cash flow analysis that requires the application of discount factors and terminal multiples to projected cash flows. Discount factors and terminal multiples were based on market-based inputs and transactions, as available at the measurement date.

INCOME TAXES

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

INCOME TAXES

17. INCOME TAXES

The current and deferred components of the income tax benefit included in the Consolidated Statements of Operations are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Current:
Federal	$	74	$	(35)	$	130	$	33
State and local	80		79		241		330
Foreign	31		(27)		(25)		295
Total current provision	185		17		346		658
Deferred:
Federal	(670)		(656)		(2,137)		(1,534)
State and local	—		—		—		—
Foreign	(9)		(1,847)		(174)		(5,458)
Total deferred benefit	(679)		(2,503)		(2,311)		(6,992)

Benefit from income taxes	$	(494)	$	(2,486)	$	(1,965)	$	(6,334)

We are taxed as a flow-through entity for U.S. income tax purposes and our taxable income or loss generated is the responsibility of our owners. Taxable income or loss generated by our corporate subsidiaries is subject to U.S. federal, state and foreign corporate income tax in locations where they conduct business.

Our effective tax rate differs from the U.S. federal tax rate of 21% primarily due to a significant portion of our income not being subject to U.S. corporate tax rates, or being deemed to be foreign sourced and thus either not taxable or taxable at effectively lower tax rates.

As of and for the nine months ended September 30, 2021, we had not established a liability for uncertain tax positions as no such positions existed. In general, our tax returns and the tax returns of our corporate subsidiaries are subject to U.S. federal, state, local and foreign income tax examinations by tax authorities. Generally, we are not subject to examination by taxing authorities for tax years prior to 2017. We do not believe that it is reasonably possible that the total amount of unrecognized tax benefits will significantly change within 12 months of the reporting date of September 30, 2021.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS

9 Months Ended

Sep. 30, 2021

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS

18. MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS

The Manager is paid annual fees in exchange for advising us on various aspects of our business, formulating our investment strategies, arranging for the acquisition and disposition of assets, arranging for financing, monitoring performance, and managing our day-to-day operations, inclusive of all costs incidental thereto. In addition, the Manager may be reimbursed for various expenses incurred by the Manager on our behalf, including the costs of legal, accounting and other administrative activities. Additionally, we have entered into certain incentive allocation arrangements with Master GP, which owns approximately 0.05% of the Partnership and is the general partner of the Partnership.

The Manager is entitled to a management fee, incentive allocations (comprised of income incentive allocation and capital gains incentive allocation, defined below) and reimbursement of certain expenses. The management fee is determined by taking the average value of total equity (excluding non-controlling interests) determined on a consolidated basis in accordance with GAAP at the end of the two most recently completed months multiplied by an annual rate of 1.50% and is payable monthly in arrears in cash.

The income incentive allocation is calculated and distributable quarterly in arrears based on the pre-incentive allocation net income for the immediately preceding calendar quarter (the “Income Incentive Allocation”). For this purpose, pre-incentive allocation net income means, with respect to a calendar quarter, net income attributable to shareholders during such quarter calculated in accordance with GAAP excluding our pro rata share of (1) realized or unrealized gains and losses, and (2) certain non-cash or one-time items, and (3) any other adjustments as may be approved by our independent directors. Pre-incentive allocation net income does not include any Income Incentive Allocation or Capital Gains Incentive Allocation (described below) paid to the Master GP during the relevant quarter.

One of our subsidiaries allocates and distributes to the Master GP an Income Incentive Allocation with respect to its pre-incentive allocation net income in each calendar quarter as follows: (1) no Income Incentive Allocation in any calendar quarter in which pre-incentive allocation net income, expressed as a rate of return on the average value of our net equity capital (excluding non-controlling interests) at the end of the two most recently completed calendar quarters, does not exceed 2% for such quarter (8% annualized); (2) 100% of pre-incentive allocation net income with respect to that portion of such pre-incentive allocation net income, if any, that is equal to or exceeds 2% but does not exceed 2.2223% for such quarter; and (3) 10% of the amount of pre-incentive allocation net income, if any, that exceeds 2.2223% for such quarter. These calculations will be prorated for any period of less than three months.

Capital Gains Incentive Allocation is calculated and distributable in arrears as of the end of each calendar year and is equal to 10% of our pro rata share of cumulative realized gains from the date of the IPO through the end of the applicable calendar year, net of our pro rata share of cumulative realized or unrealized losses, the cumulative non-cash portion of equity-based compensation expenses and all realized gains upon which prior performance-based Capital Gains Incentive Allocation payments were made to the Master GP.

The following table summarizes the management fees, income incentive allocation and capital gains incentive allocation:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Management fees	$	3,845	$	4,591	$	11,948	$	14,113
Income incentive allocation	—		—		—		—
Capital gains incentive allocation	—		—		—		—
Total	$	3,845	$	4,591	$	11,948	$	14,113

We pay all of our operating expenses, except those specifically required to be borne by the Manager under the Management Agreement. The expenses required to be paid by us include, but are not limited to, issuance and transaction costs incident to the acquisition, disposition and financing of our assets, legal and auditing fees and expenses, the compensation and expenses of our independent directors, the costs associated with the establishment and maintenance of any credit facilities and other indebtedness of ours (including commitment fees, legal fees, closing costs, etc.), expenses associated with other securities offerings of ours, costs and expenses incurred in contracting with third parties (including affiliates of the Manager), the costs of printing and mailing proxies and reports to our shareholders, costs incurred by the Manager or its affiliates for travel on our behalf, costs associated with any computer software or hardware that is used for us, costs to obtain liability insurance to indemnify our directors and officers and the compensation and expenses of our transfer agent.

We pay or reimburse the Manager and its affiliates for performing certain legal, accounting, due diligence tasks and other services that outside professionals or outside consultants otherwise would perform, provided that such costs and reimbursements are no greater than those which would be paid to outside professionals or consultants. The Manager is responsible for all of its other costs incident to the performance of its duties under the Management Agreement, including compensation of the Manager’s employees, rent for facilities and other “overhead” expenses; we do not reimburse the Manager for these expenses.

The following table summarizes our reimbursements to the Manager:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Classification in the Consolidated Statements of Operations:
General and administrative	$	1,927	$	2,347	$	6,138	$	6,737
Acquisition and transaction expenses	617		515		1,588		1,562
Total	$	2,544	$	2,862	$	7,726	$	8,299

If we terminate the Management Agreement, we will generally be required to pay the Manager a termination fee. The termination fee is equal to the amount of the management fee during the 12 months immediately preceding the date of the termination. In addition, an Incentive Allocation Fair Value Amount will be distributable to the Master GP if the Master GP is removed due to the termination of the Management Agreement in certain specified circumstances. The Incentive Allocation Fair Value Amount is an amount equal to the Income Incentive Allocation and the Capital Gains Incentive Allocation that would be paid to the Master GP if our assets were sold for cash at their then current fair market value (as determined by an appraisal, taking into account, among other things, the expected future value of the underlying investments).

Upon the successful completion of an offering of our common shares or other equity securities (including securities issued as consideration in an acquisition), we grant the Manager options to purchase common shares in an amount equal to 10% of the number of common shares being sold in the offering (or if the issuance relates to equity securities other than our common shares, options to purchase a number of common shares equal to 10% of the gross capital raised in the equity issuance divided by the fair market value of a common share as of the date of issuance), with an exercise price equal to the offering price per share paid by the public or other ultimate purchaser or attributed to such securities in connection with an acquisition (or the fair market value of a common share as of the date of the equity issuance if it relates to equity securities other than our common shares). Any ultimate purchaser of common shares for which such options are granted may be an affiliate of Fortress.

The following table summarizes amounts due to the Manager, which are included within accounts payable and accrued liabilities in the Consolidated Balance Sheets:


	September 30, 2021		December 31, 2020
Accrued management fees	$	1,211	$	1,461
Other payables	724		1,317

As of September 30, 2021 and December 31, 2020, there were no receivables from the Manager.

Other Affiliate Transactions

As of September 30, 2021 and December 31, 2020 an affiliate of our Manager owns an approximately 20% interest in Jefferson Terminal which has been accounted for as a component of non-controlling interest in consolidated subsidiaries in the consolidated financial statements. The carrying amount of this non-controlling interest at September 30, 2021 and December 31, 2020 was $1.6 million and $17.2 million, respectively.

The following table presents the amount of this non-controlling interest share of net loss:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Non-controlling interest share of net loss	$	7,364	$	3,809	$	18,918	$	12,490

On June 21, 2018, we, through a wholly owned subsidiary, completed a private offering with several third parties (the “Holders”) to tender their approximately 20% stake in Jefferson Terminal. We increased our majority interest in Jefferson Terminal in exchange for Class B Units of another wholly owned subsidiary, which provide the right to convert such Class B Units to a fixed amount of our shares, equivalent to approximately 1.9 million shares, at a Holder’s request. We have the option to satisfy any exchange request by delivering either common shares or cash. The Holders are entitled to receive distributions equivalent to the distributions paid to our shareholders. This transaction resulted in a purchase of non-controlling interest shares. See Note 18 for details related to conversions during the period.

In July 2020, we purchased a 14% interest in FYX from an affiliate of our Manager, which retained a non-controlling interest in FYX subsequent to the transaction. Additionally, other investors in FYX are also affiliates of our Manager. See Note 7 for additional information related to FYX.

During the nine months ended September 30, 2021, we granted options to the Manager in connection with the offering of the Series C Preferred Shares (as defined in Note 20) and the offering of common shares in September 2021. See Notes 15 and 20 for additional information.

On May 4, 2021, the Company received a promissory note from Long Ridge Terminal LLC, an affiliate, in exchange for a loan in the principal amount of $5.8 million. The note bears interest at a rate of 10% per annum, with a maturity date of December 31, 2021. The total principal amount plus all accrued and unpaid interest will be due and payable on the maturity date. Interest income was $0.1 million and $0.2 million during the three and nine months ended September 30, 2021.

SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

SEGMENT INFORMATION

19. SEGMENT INFORMATION

Our reportable segments represent strategic business units comprised of investments in different types of transportation and infrastructure assets. We have four reportable segments which operate in the Equipment Leasing and Infrastructure businesses across several market sectors. Our reportable segments are (i) Aviation Leasing, (ii) Jefferson Terminal, (iii) Ports and Terminals and (iv) Transtar. The Aviation Leasing segment consists of aircraft and aircraft engines held for lease and are typically held long-term. The Jefferson Terminal segment consists of a multi-modal crude oil and refined products terminal and other related assets. The Ports and Terminals segment consists of Repauno, which is a 1,630-acre deep-water port located along the Delaware River with an underground storage cavern and multiple industrial development opportunities, and an equity method investment in Long Ridge, which is a 1,660-acre multi-modal port located along the Ohio River with rail, dock, and multiple industrial development opportunities, including a power plant under construction.

In July 2021, we acquired Transtar and it operates as a separate reportable segment within our Infrastructure business. Transtar is comprised of five freight railroads and one switching company that provide rail service to certain manufacturing and production facilities. See Note 4 for additional information.

Corporate and Other primarily consists of debt, unallocated company level general and administrative expenses, and management fees. Additionally, Corporate and Other includes (i) offshore energy related assets, which consist of vessels and equipment that support offshore oil and gas drilling and production which are typically subject to operating leases, (ii) an investment in an unconsolidated entity engaged in the acquisition and leasing of shipping containers and (iii) railroad assets which consist of equipment that support a railcar cleaning business.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies; however, financial information presented by segment includes the impact of intercompany eliminations. We evaluate investment performance for each reportable segment primarily based on net income attributable to shareholders and Adjusted EBITDA.

Adjusted EBITDA is defined as net income (loss) attributable to shareholders from continuing operations, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, losses on the modification or extinguishment of debt and capital lease obligations, changes in fair value of non-hedge derivative instruments, asset impairment charges, incentive allocations, depreciation and amortization expense, and interest expense, (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities, and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities and the non-controlling share of Adjusted EBITDA.

We believe that net income (loss) attributable to shareholders, as defined by GAAP, is the most appropriate earnings measurement with which to reconcile Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to net income (loss) attributable to shareholders as determined in accordance with GAAP.

The following tables set forth certain information for each reportable segment:

I. For the Three Months Ended September 30, 2021


	Three Months Ended September 30, 2021
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Transtar		Corporate and Other		Total
Revenues
Equipment leasing revenues	$	93,938	$	—	$	—	$	—	$	5,236	$	99,174
Infrastructure revenues	—		11,902		(458)		24,540		804		36,788
Total revenues	93,938		11,902		(458)		24,540		6,040		135,962

Expenses
Operating expenses	15,411		12,441		5,272		12,877		6,792		52,793
General and administrative	—		—		—		—		4,422		4,422
Acquisition and transaction expenses	858		—		—		851		5,421		7,130
Management fees and incentive allocation to affiliate	—		—		—		—		3,845		3,845
Depreciation and amortization	34,288		9,405		2,299		5,270		2,106		53,368
Asset impairment	859		—		—		—		—		859
Interest expense	—		4,080		283		37		50,100		54,500
Total expenses	51,416		25,926		7,854		19,035		72,686		176,917

Other income (expense)
Equity in (losses) earnings of unconsolidated entities	(369)		—		(3,789)		—		76		(4,082)
Gain on sale of assets, net	12,685		—		—		—		—		12,685

Interest income	339		—		145		—		(1)		483
Other expense	(1,680)		(2,090)		(4,100)		(197)		(1)		(8,068)
Total other income (expense)	10,975		(2,090)		(7,744)		(197)		74		1,018
Income (loss) from continuing operations before income taxes	53,497		(16,114)		(16,056)		5,308		(66,572)		(39,937)
Provision for (benefit from) income taxes	129		47		(1,798)		1,128		—		(494)
Net income (loss) from continuing operations	53,368		(16,161)		(14,258)		4,180		(66,572)		(39,443)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	—		(7,189)		(174)		—		—		(7,363)
Less: Dividends on preferred shares	—		—		—		—		6,791		6,791
Net income (loss) from continuing operations attributable to shareholders	$	53,368	$	(8,972)	$	(14,084)	$	4,180	$	(73,363)	$	(38,871)

The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to shareholders from continuing operations:


	Three Months Ended September 30, 2021
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Transtar		Corporate and Other		Total
Adjusted EBITDA	$	96,002	$	1,946	$	2,766	$	11,466	$	(15,791)	$	96,389
Add: Non-controlling share of Adjusted EBITDA											3,420
Add: Equity in losses of unconsolidated entities											(4,082)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities											(7,470)
Less: Interest expense											(54,500)
Less: Depreciation and amortization expense											(59,811)
Less: Incentive allocations											—
Less: Asset impairment charges											(859)
Less: Changes in fair value of non-hedge derivative instruments											(4,594)
Less: Losses on the modification or extinguishment of debt and capital lease obligations											—
Less: Acquisition and transaction expenses											(7,130)
Less: Equity-based compensation expense											(728)
Less: Benefit from income taxes											494
Net loss attributable to shareholders from continuing operations											$	(38,871)

Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows:


	Three Months Ended September 30, 2021
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Transtar		Corporate and Other		Total
Revenues

Asia	$	36,421	$	—	$	—	$	—	$	5,236	$	41,657
Europe	35,708		—		—		—		—		35,708
North America	18,152		11,902		(458)		24,540		804		54,940
South America	3,657		—		—		—		—		3,657
Total	$	93,938	$	11,902	$	(458)	$	24,540	$	6,040	$	135,962

II. For the Nine Months Ended September 30, 2021


	Nine Months Ended September 30, 2021
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Transtar		Corporate and Other		Total
Revenues
Equipment leasing revenues	$	228,482	$	—	$	—	$	—	$	8,870	$	237,352
Infrastructure revenues	—		34,148		9,982		24,540		4,004		72,674
Total revenues	228,482		34,148		9,982		24,540		12,874		310,026

Expenses
Operating expenses	28,806		35,939		12,202		12,877		19,149		108,973
General and administrative	—		—		—		—		12,329		12,329
Acquisition and transaction expenses	2,890		—		—		851		9,431		13,172
Management fees and incentive allocation to affiliate	—		—		—		—		11,948		11,948
Depreciation and amortization	100,583		26,438		6,726		5,270		6,257		145,274
Asset impairment	3,048		—		—		—		—		3,048
Interest expense	—		8,496		857		37		115,604		124,994
Total expenses	135,327		70,873		19,785		19,035		174,718		419,738

Other income (expense)
Equity in (losses) earnings of unconsolidated entities	(1,050)		—		(9,262)		—		452		(9,860)
Gain on sale of assets, net	17,467		—		16		—		—		17,483
Loss on extinguishment of debt	—		—		—		—		(3,254)		(3,254)
Interest income	963		—		236		—		23		1,222
Other (expense) income	(1,680)		(2,795)		(4,100)		(197)		1		(8,771)
Total other income (expense)	15,700		(2,795)		(13,110)		(197)		(2,778)		(3,180)
Income (loss) from continuing operations before income taxes	108,855		(39,520)		(22,913)		5,308		(164,622)		(112,892)
Provision for (benefit from) income taxes	83		163		(3,265)		1,128		(74)		(1,965)
Net income (loss) from continuing operations	108,772		(39,683)		(19,648)		4,180		(164,548)		(110,927)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	—		(18,743)		(206)		—		—		(18,949)
Less: Dividends on preferred shares	—		—		—		—		17,967		17,967
Net income (loss) from continuing operations attributable to shareholders	$	108,772	$	(20,940)	$	(19,442)	$	4,180	$	(182,515)	$	(109,945)

The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to shareholders from continuing operations:


	Nine Months Ended September 30, 2021
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Transtar		Corporate and Other		Total
Adjusted EBITDA	$	236,868	$	8,329	$	3,274	$	11,466	$	(48,440)	$	211,497
Add: Non-controlling share of Adjusted EBITDA											8,706
Add: Equity in losses of unconsolidated entities											(9,860)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities											(9,861)
Less: Interest expense											(124,994)
Less: Depreciation and amortization expense											(166,622)
Less: Incentive allocations											—
Less: Asset impairment charges											(3,048)
Less: Changes in fair value of non-hedge derivative instruments											1,979
Less: Losses on the modification or extinguishment of debt and capital lease obligations											(3,254)
Less: Acquisition and transaction expenses											(13,172)
Less: Equity-based compensation expense											(3,281)
Less: Benefit from income taxes											1,965
Net loss attributable to shareholders from continuing operations											$	(109,945)

Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows:


	Nine Months Ended September 30, 2021
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Transtar		Corporate and Other		Total
Revenues
Africa	$	235	$	—	$	—	$	—	$	—	$	235
Asia	93,924		—		—		—		8,870		102,794
Europe	89,109		—		—		—		—		89,109
North America	39,102		34,148		9,982		24,540		4,004		111,776
South America	6,112		—		—		—		—		6,112
Total	$	228,482	$	34,148	$	9,982	$	24,540	$	12,874	$	310,026

III. For the Three Months Ended September 30, 2020


	Three Months Ended September 30, 2020
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Transtar		Corporate and Other		Total
Revenues
Equipment leasing revenues	$	66,491	$	—	$	—	$	—	$	3,308	$	69,799
Infrastructure revenues	—		11,697		1,242		—		971		13,910
Total revenues	66,491		11,697		1,242		—		4,279		83,709

Expenses
Operating expenses	4,515		9,661		2,704		—		6,248		23,128
General and administrative	—		—		—		—		4,241		4,241
Acquisition and transaction expenses	2,060		—		20		—		362		2,442
Management fees and incentive allocation to affiliate	—		—		—		—		4,591		4,591
Depreciation and amortization	33,014		7,250		368		—		1,994		42,626
Asset impairment	3,915		—		—		—		—		3,915
Interest expense	—		1,487		298		—		25,119		26,904
Total expenses	43,504		18,398		3,390		—		42,555		107,847

Other income (expense)
Equity in (losses) earnings of unconsolidated entities	(247)		—		(2,285)		—		31		(2,501)
Loss on sale of assets, net	(1,114)		—		—		—		—		(1,114)

Interest income	41		—		—		—		17		58

Total other (expense) income	(1,320)		—		(2,285)		—		48		(3,557)
Income (loss) from continuing operations before income taxes	21,667		(6,701)		(4,433)		—		(38,228)		(27,695)
(Benefit from) provision for income taxes	(1,873)		3		(656)		—		40		(2,486)
Net income (loss) from continuing operations	23,540		(6,704)		(3,777)		—		(38,268)		(25,209)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	—		(3,809)		(67)		—		—		(3,876)
Less: Dividends on preferred shares	—		—		—		—		4,625		4,625
Net income (loss) from continuing operations attributable to shareholders	$	23,540	$	(2,895)	$	(3,710)	$	—	$	(42,893)	$	(25,958)

The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to shareholders from continuing operations:


	Three Months Ended September 30, 2020
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Transtar		Corporate and Other		Total
Adjusted EBITDA	$	70,562	$	4,348	$	(837)	$	—	$	(15,437)	$	58,636
Add: Non-controlling share of Adjusted EBITDA											1,955
Add: Equity in losses of unconsolidated entities											(2,501)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities											(120)
Less: Interest expense											(26,904)
Less: Depreciation and amortization expense											(52,532)
Less: Incentive allocations											—
Less: Asset impairment charges											(3,915)
Less: Changes in fair value of non-hedge derivative instruments											—
Less: Losses on the modification or extinguishment of debt and capital lease obligations											—
Less: Acquisition and transaction expenses											(2,442)
Less: Equity-based compensation expense											(621)
Less: Benefit from income taxes											2,486
Net loss attributable to shareholders from continuing operations											$	(25,958)

Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows:


	Three Months Ended September 30, 2020
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Transtar		Corporate and Other		Total
Revenues
Africa	$	1,781	$	—	$	—	$	—	$	—	$	1,781
Asia	28,522		—		—		—		3,308		31,830
Europe	29,011		—		—		—		—		29,011
North America	6,911		11,697		1,242		—		971		20,821
South America	266		—		—		—		—		266
Total	$	66,491	$	11,697	$	1,242	$	—	$	4,279	$	83,709

IV. For the Nine Months Ended September 30, 2020


	Nine Months Ended September 30, 2020
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Transtar		Corporate and Other		Total
Revenues
Equipment leasing revenues	$	224,742	$	—	$	—	$	—	$	11,340	$	236,082
Infrastructure revenues	—		49,519		1,556		—		3,701		54,776
Total revenues	224,742		49,519		1,556		—		15,041		290,858

Expenses
Operating expenses	13,163		43,894		6,579		—		17,508		81,144
General and administrative	—		—		—		—		13,292		13,292
Acquisition and transaction expenses	6,845		—		821		—		1,631		9,297
Management fees and incentive allocation to affiliate	—		—		—		—		14,113		14,113
Depreciation and amortization	97,848		21,636		1,122		—		5,937		126,543
Asset impairment	14,391		—		—		—		—		14,391
Interest expense	—		7,225		1,045		—		63,289		71,559
Total expenses	132,247		72,755		9,567		—		115,770		330,339

Other income (expense)
Equity in losses of unconsolidated entities	(1,432)		—		(3,961)		—		(52)		(5,445)
Loss on sale of assets, net	(2,158)		(7)		—		—		—		(2,165)
Loss on extinguishment of debt	—		(4,724)		—		—		—		(4,724)
Interest income	70		22		—		—		29		121
Other income	—		32		—		—		—		32
Total other expense	(3,520)		(4,677)		(3,961)		—		(23)		(12,181)
Income (loss) from continuing operations before income taxes	88,975		(27,913)		(11,972)		—		(100,752)		(51,662)
(Benefit from) provision for income taxes	(5,255)		212		(1,534)		—		243		(6,334)
Net income (loss) from continuing operations	94,230		(28,125)		(10,438)		—		(100,995)		(45,328)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	—		(12,490)		(234)		—		—		(12,724)
Less: Dividends on preferred shares	—		—		—		—		13,243		13,243
Net income (loss) from continuing operations attributable to shareholders	$	94,230	$	(15,635)	$	(10,204)	$	—	$	(114,238)	$	(45,847)

The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to shareholders from continuing operations:


	Nine Months Ended September 30, 2020
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Transtar		Corporate and Other		Total
Adjusted EBITDA	$	231,453	$	11,885	$	(3,038)	$	—	$	(43,197)	$	197,103
Add: Non-controlling share of Adjusted EBITDA											7,406
Add: Equity in losses of unconsolidated entities											(5,445)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities											167
Less: Interest expense											(71,559)
Less: Depreciation and amortization expense											(149,937)
Less: Incentive allocations											—
Less: Asset impairment charges											(14,391)
Less: Changes in fair value of non-hedge derivative instruments											(181)
Less: Losses on the modification or extinguishment of debt and capital lease obligations											(4,724)
Less: Acquisition and transaction expenses											(9,297)
Less: Equity-based compensation expense											(1,323)
Less: Benefit from income taxes											6,334
Net loss attributable to shareholders from continuing operations											$	(45,847)

Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows:


	Nine Months Ended September 30, 2020
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Transtar		Corporate and Other		Total
Revenues
Africa	$	10,254	$	—	$	—	$	—	$	—	$	10,254
Asia	86,799		—		—		—		11,340		98,139
Europe	99,870		—		—		—		—		99,870
North America	24,980		49,519		1,556		—		3,701		79,756
South America	2,839		—		—		—		—		2,839
Total	$	224,742	$	49,519	$	1,556	$	—	$	15,041	$	290,858

V. Balance Sheet and Location of Long-Lived Assets

The following tables sets forth summarized balance sheet information and the geographic location of property, plant and equipment and leasing equipment, net:


	September 30, 2021
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Transtar		Corporate and Other		Total
Total assets	$	1,869,233	$	1,304,236	$	364,058	$	771,895	$	373,095	$	4,682,517

Debt, net	—		692,970		25,000		—		2,266,019		2,983,989

Total liabilities	171,434		825,331		36,541		112,860		2,332,309		3,478,475

Non-controlling interests in equity of consolidated subsidiaries	—		4,352		1,698		—		524		6,574

Total equity	1,697,799		478,905		327,517		659,035		(1,959,214)		1,204,042

Total liabilities and equity	$	1,869,233	$	1,304,236	$	364,058	$	771,895	$	373,095	$	4,682,517


	September 30, 2021
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Transtar		Corporate and Other		Total
Property, plant and equipment and leasing equipment, net

Asia	$	400,718	$	—	$	—	$	—	$	66,490	$	467,208
Europe	738,692		—		—		—		—		738,692
North America	279,794		741,606		279,360		502,219		113,402		1,916,381
South America	102,083		—		—		—		—		102,083
Total	$	1,521,287	$	741,606	$	279,360	$	502,219	$	179,892	$	3,224,364


	December 31, 2020
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Transtar		Corporate and Other		Total
Total assets	$	1,704,205	$	989,928	$	400,217	$	—	$	293,627	$	3,387,977

Debt, net	—		253,473		25,000		—		1,626,289		1,904,762

Total liabilities	219,692		365,629		38,242		—		1,665,093		2,288,656

Non-controlling interests in equity of consolidated subsidiaries	—		20,785		1,354		—		524		22,663

Total equity	1,484,513		624,299		361,975		—		(1,371,466)		1,099,321

Total liabilities and equity	$	1,704,205	$	989,928	$	400,217	$	—	$	293,627	$	3,387,977


	December 31, 2020
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Transtar		Corporate and Other		Total
Property, plant and equipment and leasing equipment, net

Asia	$	445,566	$	—	$	—	$	—	$	56,702	$	502,268
Europe	774,300		—		—		—		—		774,300
North America	208,190		702,393		269,680		—		117,782		1,298,045
South America	25,009		—		—		—		—		25,009
Total	$	1,453,065	$	702,393	$	269,680	$	—	$	174,484	$	2,599,622

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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+ Details

EARNINGS PER SHARE AND EQUITY

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

EARNINGS PER SHARE AND EQUITY

20. EARNINGS PER SHARE AND EQUITY

Basic earnings per common share (“EPS”) is calculated by dividing net income attributable to shareholders by the weighted average number of common shares outstanding, plus any participating securities. Diluted EPS is calculated by dividing net income attributable to shareholders by the weighted average number of common shares outstanding, plus any participating securities and potentially dilutive securities. Potentially dilutive securities are calculated using the treasury stock method.

The calculation of basic and diluted EPS is presented below:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except share and per share data)	2021		2020		2021		2020
Net loss from continuing operations	$	(39,443)	$	(25,209)	$	(110,927)	$	(45,328)
Net income from discontinued operations, net of income taxes	—		—		—		1,331
Net loss	(39,443)		(25,209)		(110,927)		(43,997)

Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	(7,363)		(3,876)		(18,949)		(12,724)

Less: Dividends on preferred shares	6,791		4,625		17,967		13,243
Net loss attributable to shareholders	$	(38,871)	$	(25,958)	$	(109,945)	$	(44,516)
Weighted Average Common Shares Outstanding - Basic (1)	88,277,897		86,022,302		86,787,072		86,013,485
Weighted Average Common Shares Outstanding - Diluted (1)	88,277,897		86,022,302		86,787,072		86,013,485
Basic
Continuing operations	$	(0.44)	$	(0.30)	$	(1.27)	$	(0.53)
Discontinued operations	$	—	$	—	$	—	$	0.02
Diluted
Continuing operations	$	(0.44)	$	(0.30)	$	(1.27)	$	(0.53)
Discontinued operations	$	—	$	—	$	—	$	0.02

________________________________________________________

(1) Three and nine months ended September 30, 2021 and 2020 includes participating securities which can be converted into a fixed amount of our shares.

For the three months ended September 30, 2021 and 2020, 950,524 and 21,244 shares, respectively, and for the nine months ended September 30, 2021 and 2020, 940,254 and 504 shares, respectively, have been excluded from the calculation of Diluted EPS because the impact would be anti-dilutive.

During the nine months ended September 30, 2021, we issued 17,155 common shares to certain directors as compensation.

During the nine months ended September 30, 2021, certain holders of Class B Units (see Note 18) converted 279,678 Class B Units in exchange for 207,129 common shares.

Preferred Shares

In March 2021, in a public offering, we issued 4,200,000 shares of 8.25% Fixed-Rate Reset Series C Cumulative Perpetual Redeemable Preferred Shares (“Series C Preferred Shares”), par value $0.01 per share, with a liquidation preference of $25.00 per share for net proceeds of approximately $101.2 million. See Note 15 for information related to options issued to the Manager in connection with such offering.

Common Shares

In September 2021, we issued 12,000,000 common shares, par value $0.01 per share, at a price of $25.50 per share. We received net proceeds of $291.7 million after deducting underwriting discounts and offering expenses. The proceeds were used to repay a portion of the Bridge Loans (see Note 10). See Note 15 for information related to options issued to the Manager in connection with such offering.

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	21. COMMITMENTS AND CONTINGENCIES In the normal course of business we, and our subsidiaries, may be involved in various claims, legal proceedings, or may enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. Within our offshore energy business, a lessee did not fulfill its obligation under its charter arrangement, therefore we are pursuing rights afforded to us under the charter and the range of potential losses against the obligation is $0.0 million to $3.3 million. Our maximum exposure under other arrangements is unknown as no additional claims have been made. We believe the risk of loss in connection with such arrangements is remote. We have also entered into an arrangement with our non-controlling interest holder of Repauno, as part of the initial acquisition, whereby the non-controlling interest holder may receive additional payments contingent upon the achievement of certain conditions, not to exceed $15.0 million. We will account for such amounts when and if such conditions are achieved. The contingency related to $5.0 million of the total $15.0 million was resolved during the nine months ended September 30, 2021. The $5.0 million payment was recorded as a payable and included in the cost of the asset acquisition. Jefferson entered into a two-year pipeline capacity agreement for a recently completed pipeline. Under the agreement, which took effect in the second quarter of 2021, Jefferson is obligated to pay fixed marketing fees over the two-year agreement, which totals a minimum of $10.2 million per year.

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	22. SUBSEQUENT EVENTS In October 2021, the underwriters of our September 2021 equity offering exercised an option to purchase an additional 1,283,863 common shares, par value $0.01 per share, at a price of $25.50 per share. Dividends On October 28, 2021, our Board of Directors declared a cash dividend on our common shares and eligible participating securities of $0.33 per share for the quarter ended September 30, 2021, payable on November 29, 2021 to the holders of record on November 15, 2021. Additionally, on October 28, 2021, our Board of Directors also declared cash dividends on the Series A Preferred Shares, Series B Preferred Shares and Series C Preferred Shares of $0.52, $0.50 and $0.52 per share, respectively, payable on December 15, 2021 to the holders of record on December 1, 2021.

RETIREMENT BENEFIT PLAN

9 Months Ended

Sep. 30, 2021

Retirement Benefits [Abstract]

Retirement Benefits

16. RETIREMENT BENEFIT PLANS

In connection with the acquisition of Transtar (see Note 4), we assumed certain retirement benefit obligations related to eligible Transtar employees.

Defined Benefit Pensions

Our pension plan covers certain eligible Transtar employees. These plans are noncontributory. Pension benefits earned are generally based on years of service and compensation during active employment.

Postretirement Benefits

Our unfunded postretirement plan provides healthcare and life insurance benefits for eligible retirees and dependents of Transtar. Depending on retirement date and employee classification, certain healthcare plans contain contribution and cost-sharing features such as deductibles and co-insurance. The remaining healthcare and life insurance plans are non-contributory.

The following table summarizes our retirement benefit plan costs for the three and nine months ended September 30, 2021. Service costs and interest costs are recorded in Operating expenses and Other (expense) income, respectively, in the Consolidated Statements of Operations.


	Pension Benefits		Postretirement Benefits
Service costs	$	392	$	431
Interest costs	45		139
Total	$	437	$	570

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting—The accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of us and our subsidiaries.
Principles of Consolidation	Principles of Consolidation—We consolidate all entities in which we have a controlling financial interest and control over significant operating decisions, as well as variable interest entities (“VIEs”) in which we are the primary beneficiary. All significant intercompany transactions and balances have been eliminated. All adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The ownership interest of other investors in consolidated subsidiaries is recorded as non-controlling interest. We use the equity method of accounting for investments in entities in which we exercise significant influence but which do not meet the requirements for consolidation. Under the equity method, we record our proportionate share of the underlying net income (loss) of these entities as well as the proportionate interest in adjustments to other comprehensive income (loss).
Use of Estimates	Use of Estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Risks and Uncertainties	Risks and Uncertainties—In the normal course of business, we encounter several significant types of economic risk including credit, market, and capital market risks. Credit risk is the risk of the inability or unwillingness of a lessee, customer, or derivative counterparty to make contractually required payments or to fulfill its other contractual obligations. Market risk reflects the risk of a downturn or volatility in the underlying industry segments in which we operate, which could adversely impact the pricing of the services offered by us or a lessee’s or customer’s ability to make payments, increase the risk of unscheduled lease terminations and depress lease rates and the value of our leasing equipment or operating assets. Capital market risk is the risk that we are unable to obtain capital at reasonable rates to fund the growth of our business or to refinance existing debt facilities. We, through our subsidiaries, also conduct operations outside of the United States; such international operations are subject to the same risks as those associated with our United States operations as well as additional risks, including unexpected changes in regulatory requirements, heightened risk of political and economic instability, potentially adverse tax consequences and the burden of complying with foreign laws. We do not have significant exposure to foreign currency risk as all of our leasing arrangements and the majority of terminal services revenue are denominated in U.S. dollars.
Variable Interest Entities	Variable Interest Entities—The assessment of whether an entity is a VIE and the determination of whether to consolidate a VIE requires judgment. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated by its primary beneficiary, and only by its primary beneficiary, which is defined as the party who has the power to direct the activities of a VIE that most significantly impact its economic performance and who has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents—We consider all highly liquid short-term investments with a maturity of 90 days or less when purchased to be cash equivalents.Restricted Cash—Restricted cash consists of prepaid interest and principal pursuant to the requirements of certain of our debt agreements (see Note 10) and other qualifying construction projects at Jefferson Terminal.
Inventory	Inventory—We hold aircraft engine modules, spare parts and used material inventory for trading and to support operations within our Aviation Leasing segment. Aviation inventory is carried at the lower of cost or net realizable value on our balance sheet. We had Aviation inventory of $82.3 million and $58.2 million as of September 30, 2021 and December 31, 2020, respectively, which is included in Other assets in the Consolidated Balance Sheets.Commodities inventory is carried at the lower of cost or net realizable value on our balance sheet. Commodities are removed from inventory based on the average cost at the time of sale.
Deferred Financing Costs	Deferred Financing Costs—Costs incurred in connection with obtaining long term financing are capitalized and amortized to interest expense over the term of the underlying loans.
Operating Leases	Operating Leases—We lease equipment pursuant to operating leases. Operating leases with fixed rentals and step rentals are recognized on a straight-line basis over the term of the lease, assuming no renewals. Revenue is not recognized when collection is not reasonably assured. When collectability is not reasonably assured, the customer is placed on non-accrual status and revenue is recognized when cash payments are received. Generally, under our aircraft lease and engine agreements, the lessee is required to make periodic maintenance payments calculated based on the lessee’s utilization of the leased asset or at the end of the lease. Typically, under our aircraft lease agreements, the lessee is responsible for maintenance, repairs and other operating expenses throughout the term of the lease. These periodic maintenance payments accumulate over the term of the lease to fund major maintenance events, and we are contractually obligated to return maintenance payments to the lessee up to the cost of maintenance events paid by the lessee. In the event the total cost of maintenance events over the term of a lease is less than the cumulative maintenance payments, we are not required to return any unused or excess maintenance payments to the lessee. Maintenance payments received for which we expect to repay to the lessee are presented as Maintenance Deposits in our Consolidated Balance Sheets. All excess maintenance payments received that we do not expect to repay to the lessee are recorded as Maintenance revenues. Estimates in recognizing revenue include mean time between removal, projected costs for engine maintenance and forecasted utilization of aircraft which are affected by historical usage patterns and overall industry, market and economic conditions. Significant changes to these estimates could have a material effect on the amount of revenue recognized in the period. For purchase and lease back transactions, we account for the transaction as a single arrangement. We allocate the consideration paid based on the relative fair value of the aircraft and lease. The fair value of the lease may include a lease premium or discount. In April 2020, the FASB Staff issued a question-and-answer document (the “Q&A”) regarding accounting for lease concessions related to the effects of the COVID-19 pandemic. The Q&A permits an entity to elect to forgo the evaluation of the enforceable rights and obligations of a lease contract required under ASC 842, Leases, as long as the total rent payments after the lease concessions are substantially the same, or less than, the total rent payments in the existing lease. The impact of the COVID-19 related lease concessions granted above did not have a material impact on our results of operations during the nine months ended September 30, 2021. Finance Leases—From time to time we enter into finance lease arrangements that include a lessee obligation to purchase the leased equipment at the end of the lease term, a bargain purchase option, or provides for minimum lease payments with a present value that equals or exceeds substantially all of the fair value of the leased equipment at the date of lease inception. Net investment in finance leases represents the minimum lease payments due from lessee, net of unearned income. The lease payments are segregated into principal and interest components similar to a loan. Unearned income is recognized on an effective interest method over the lease term and is recorded as finance lease income. The principal component of the lease payment is reflected as a reduction to the net investment in finance leases. Revenue is not recognized when collection is not reasonably assured. When collectability is not reasonably assured, the customer is placed on non-accrual status and revenue is recognized when cash payments are received.
Infrastructure Revenues	Infrastructure Revenues Terminal Services Revenues—Terminal services are provided to customers for the receipt and redelivery of various commodities. These revenues are recognized over time, i.e., as the services are rendered and the customer simultaneously receives and consumes the benefit over time. Rail Revenues—Rail revenues generally consist of the following performance obligations: industrial switching, interline services, demurrage and storage. Switching revenues are derived from the performance of switching services, which involve the movement of cars from one point to another within the limits of an individual plant, industrial area, or a rail yard. Switching revenues are recognized as the services are performed, and the services are completed on the same day they are initiated. Interline revenues are derived from transportation services for railcars that originate or terminate at our railroads and involve one or more other carriers. For interline traffic, one railroad typically invoices a customer on behalf of all railroads participating in the route directed by the customer. The invoicing railroad then pays the other railroads its portion of the total amount invoiced on a monthly basis. We record revenue related to interline traffic for transportation service segments provided by carriers along railroads that are not owned or controlled by us on a net basis. Interline revenues are recognized as the transportation movements occur. Our ancillary services revenue primarily relates to demurrage and storage services. Demurrage represents charges assessed by railroads for the detention of cars by shippers or receivers of freight beyond a specified free time and is recognized on a per day basis. Storage services revenue is earned for the provision of storage of shippers’ railcars and is generally recognized on a per day, per car basis, as the storage services are provided. Lease Income—Lease income consists of rental income from tenants for storage space. Lease income is recognized on a straight-line basis over the term of the relevant lease agreement. Crude Marketing Revenues—Crude marketing revenues consist of marketing revenue related to Canadian crude oil. The revenues are recognized over time, i.e., as the services are rendered and the customer simultaneously receives and consumes the benefit over time. Other Revenue—Other revenue primarily consists of revenue related to the handling, storage and sale of raw materials. Other revenue consists of two performance obligations: handling and storage of raw materials. The revenues are recognized over time, i.e., as the services are rendered and the customer simultaneously receives and consumes the benefit over time. Additionally, other revenue consists of revenue related to derivative trading activities. See Commodity Derivatives below for additional information.
Leasing Arrangements	Leasing Arrangements—At contract inception, we evaluate whether an arrangement is or contains a lease for which we are the lessee (that is, arrangements which provide us with the right to control a physical asset for a period of time). Operating lease right-of-use (“ROU”) assets and lease liabilities are recognized in Operating lease right-of-use assets, net and Operating lease liabilities in our Consolidated Balance Sheets, respectively. Finance lease ROU assets are recognized in Property, plant and equipment, net and lease liabilities are recognized in Other liabilities in our Consolidated Balance Sheets. All lease liabilities are measured at the present value of the unpaid lease payments, discounted using our incremental borrowing rate based on the information available at commencement date of the lease. ROU assets, for both operating and finance leases, are initially measured based on the lease liability, adjusted for prepaid rent and lease incentives. ROU assets are subsequently measured at the carrying amount of the lease liability adjusted for prepaid or accrued lease payments and lease incentives. The finance lease ROU assets are subsequently amortized using the straight-line method. Operating lease expenses are recognized on a straight-line basis over the lease term. With respect to finance leases, amortization of the ROU asset is presented separately from interest expense related to the finance lease liability. Variable lease payments, which are primarily based on usage, are recognized when the associated activity occurs. We have elected to combine lease and non-lease components for all lease contracts where we are the lessee. Additionally, for arrangements with lease terms of 12 months or less, we do not recognize ROU assets, and lease liabilities and lease payments are recognized on a straight-line basis over the lease term with variable lease payments recognized in the period in which the obligation is incurred.
Concentration of Credit Risk	Concentration of Credit Risk—We are subject to concentrations of credit risk with respect to amounts due from customers on our finance leases and operating leases. We attempt to limit our credit risk by performing ongoing credit evaluations and, when deemed necessary, enter into collateral arrangements. During both the three and nine months ended September 30, 2021 and 2020, one customer in the Aviation Leasing segment accounted for approximately 10% of total revenue. During the three months ended September 30, 2021, one customer in the Transtar segment accounted for approximately 14% of total revenue. As of September 30, 2021, there were two customers in the Aviation Leasing segment that represented 26% and 10% of total accounts receivable, net and one customer in the Jefferson Terminal segment that represented 21% of total accounts receivable, net. As of December 31, 2020, accounts receivable from two customers in the Aviation Leasing segment represented 40% and 15% of total accounts receivable, net. We maintain cash and restricted cash balances, which generally exceed federally insured limits, and subject us to credit risk, in high credit quality financial institutions. We monitor the financial condition of these institutions and have not experienced any losses associated with these accounts.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts—We determine the allowance for doubtful accounts based on our assessment of the collectability of our receivables on a customer-by-customer basis.
Comprehensive Income (Loss)	Comprehensive Income (Loss)—Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances, excluding those resulting from investments by and distributions to owners. Our comprehensive income (loss) represents net income (loss), as presented in the Consolidated Statements of Operations, adjusted for fair value changes related to other comprehensive income (loss) related to our equity method investees.
Derivative Financial Instruments	Derivative Financial Instruments Electricity Derivatives—Through our equity method investment in Long Ridge, we enter into derivative contracts as part of a risk management program to mitigate price risk associated with certain electricity price exposures. We primarily use swap derivative contracts, which are agreements to buy or sell a quantity of electricity at a predetermined future date and at a predetermined price. Cash Flow Hedges Certain of these derivative instruments are designated and qualify as cash flow hedges. Our share of the derivative's gain or loss is reported as Other comprehensive income (loss) related to equity method investees in our Consolidated Statements of Comprehensive (Loss) Income and recorded in Accumulated other comprehensive (loss) income in our Consolidated Balance Sheets. Derivatives Not Designated As Hedging Instruments Certain of these derivative instruments are not designated as hedging instruments for accounting purposes. The change in fair value of these contracts is recognized in Equity in earnings (losses) in unconsolidated entities in the Consolidated Statements of Operations. The cash flow impact of derivative contracts that are not designated as hedging instruments is recognized in Equity in earnings (losses) in unconsolidated entities in our Consolidated Statements of Cash Flows. Commodity Derivatives—We also enter into short-term and long-term crude forward contracts. Gains and losses related to our crude sales and purchase derivatives are recorded on a gross basis and are included in Crude marketing revenues and Operating expenses, respectively, in our Consolidated Statements of Operations. The cash flow impact of these derivatives is recognized in Change in fair value of non-hedge derivatives in our Consolidated Statements of Cash Flows. Additionally, depending on market conditions, we enter into short-term forward purchase and sales contracts for butane. Gains and losses related to our butane derivatives are recorded on a net basis and are included in Other revenue in our Consolidated Statements of Operations, as these contracts are considered part of central operating activities. The cash flow impact of these derivatives is recognized in Change in fair value of non-hedge derivatives in our Consolidated Statements of Cash Flows. See Note 12 for additional details related to our commodity derivatives. Some of our derivatives are used for speculative purposes. We record all derivative assets and liabilities on a gross basis at fair value, which are included in Other assets and Other liabilities, respectively, in our Consolidated Balance Sheets.
Recent Accounting Pronouncements	Recent Accounting Pronouncements—In March 2020 and January 2021, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and ASU 2021-01, Reference Rate Reform: Scope, respectively. Together, the ASUs temporarily simplify the accounting for contract modifications, including hedging relationships, due to the transition from LIBOR and other interbank offered rates to alternative reference interest rates. For example, entities can elect not to remeasure the contracts at the modification date or reassess a previous accounting determination if certain conditions are met. Additionally, entities can elect to continue applying hedge accounting for hedging relationships affected by reference rate reform if certain conditions are met. The new standard was effective upon issuance and generally can be applied to applicable contract modifications through December 31, 2022. Adoption did not have a material impact on our consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (Topic 740). This standard simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in ASC 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The standard also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020 and early adoption is permitted. We adopted this guidance in the first quarter of 2021, which did not have a material impact on our consolidated financial statements.
Fair Value Measurement	Fair value measurements and disclosures require the use of valuation techniques to measure fair value that maximize the use of observable inputs and minimize use of unobservable inputs. These inputs are prioritized as follows: •Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities. •Level 2: Inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities or market corroborated inputs. •Level 3: Unobservable inputs for which there is little or no market data and which require us to develop our own assumptions about how market participants price the asset or liability. The valuation techniques that may be used to measure fair value are as follows: •Market approach—Uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. •Income approach—Uses valuation techniques to convert future amounts to a single present amount based on current market expectations about those future amounts. •Cost approach—Based on the amount that currently would be required to replace the service capacity of an asset (replacement cost).

ACQUISITION OF TRANSTAR, LLC. (Tables)

9 Months Ended

Sep. 30, 2021

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary allocation of the purchase price, as presented in our Consolidated Balance Sheets:


Fair value of assets acquired:
Cash and cash equivalents	$	8,610
Accounts receivable, net	18,625
Operating lease right-of-use assets, net	10,831

Property, plant and equipment, net	506,479
Intangible assets, net	62,500
Other assets	15,594
Total assets	622,639
Fair value of liabilities assumed:
Accounts payable and accrued liabilities	47,010
Operating lease liabilities	10,689
Pension and other postretirement benefits (1)	37,552
Other liabilities	8,587
Total liabilities	103,838
Goodwill (2)	117,206
Total purchase consideration	$	636,007

________________________________________________________

(1) Included in Other liabilities in the Consolidated Balance Sheets.

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination

The following table presents the identifiable intangible assets and their estimated useful lives:


	Estimated useful life in years	Fair value
Above/below market leases	2 - 7	$	1,500
Customer relationships	13 - 15	61,000

Total		$	62,500

Schedule of Property Plant And Equipment Acquired as Part of Business Combination

The following table presents the property, plant and equipment and their estimated useful lives:


	Estimated useful life in years	Fair value
Railcars and locomotives	1 - 40	$	126,055
Track and track related assets	1 - 40	88,121
Land, site improvements and rights	N/A	91,890
Bridges and tunnels	15 - 55	176,309
Buildings and improvements	3 - 25	12,533
Railroad equipment	2 - 15	2,712
Terminal machinery and equipment	2 - 15	3,215
Vehicles	2 - 5	3,538
Construction in progress	N/A	1,928
Computer hardware and software	2 - 22	178
Total		$	506,479

Business Acquisition, Pro Forma Information


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Total revenue	$	146,233	$	111,415	$	389,569	$	374,184
Net loss attributable to shareholders	(24,778)		(23,549)		(87,666)		(62,521)

LEASING EQUIPMENT, NET (Tables)

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Schedule of Lessor, Operating Leases

Leasing equipment, net is summarized as follows:




	September 30, 2021		December 31, 2020
Leasing equipment	$	2,137,509	$	2,042,404
Less: accumulated depreciation	(440,915)		(407,145)
Leasing equipment, net	$	1,696,594	$	1,635,259

Lessor, Acquisition and Disposition of Leasing Equipment

The following table presents information related to our acquisitions and dispositions of aviation leasing equipment during the nine months ended September 30, 2021:


Acquisitions:
Aircraft			24
Engines			44
Dispositions:
Aircraft			4
Engines			31

Operating Lease, Lease Income

Depreciation expense for leasing equipment is summarized as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Depreciation expense for leasing equipment	$	36,406	$	35,104	$	107,000	$	104,121

FINANCE LEASES, NET (Tables)

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Schedule of Finance Leases

Finance leases, net are summarized as follows:




	September 30, 2021		December 31, 2020
Finance leases	$	16,148	$	9,389
Unearned revenue	(2,353)		(2,462)
Finance leases, net	$	13,795	$	6,927

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

9 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment, net is summarized as follows:




	September 30, 2021		December 31, 2020
Land, site improvements and rights	$	151,185	$	52,047
Construction in progress	126,537		425,261
Bridges and tunnels	176,310		—
Buildings and improvements	18,826		4,491
Terminal machinery and equipment	937,319		557,788

Track and track related assets	96,497		2,349
Railroad equipment	7,792		5,560
Railcars and locomotives	126,429		—
Computer hardware and software	5,337		5,101
Furniture and fixtures	3,113		2,449
Other	10,033		5,870
	1,659,378		1,060,916
Less: accumulated depreciation	(131,608)		(96,553)

Property, plant and equipment, net	$	1,527,770	$	964,363

Depreciation expense for property, plant and equipment is summarized as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020

Depreciation expense	$	15,291	$	6,634	$	34,826	$	19,757

INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2021

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

The following table presents the ownership interests and carrying values of our investments:


			Carrying Value
	Investment	Ownership Percentage	September 30, 2021		December 31, 2020
Advanced Engine Repair JV	Equity method	25%	$	21,670	$	22,721

Intermodal Finance I, Ltd.	Equity method	51%	—		—
Long Ridge Terminal LLC	Equity method	50%	35,538		122,539
FYX Trust Holdco LLC	Equity	14%	1,255		1,255
GM-FTAI Holdco LLC	Equity method	50%	52,500		—
Investments			$	110,963	$	146,515

The following table presents our proportionate share of equity in income (losses):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Advanced Engine Repair JV	$	(369)	$	(247)	$	(1,050)	$	(1,432)

Intermodal Finance I, Ltd.	76		32		452		(51)
Long Ridge Terminal LLC	(3,789)		(2,286)		(9,262)		(3,962)


Total	$	(4,082)	$	(2,501)	$	(9,860)	$	(5,445)

INTANGIBLE ASSETS AND LIABILITIES, NET (Tables)

9 Months Ended

Sep. 30, 2021

Intangible Assets and Liabilities Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets and Liabilities

Intangible assets and liabilities, net are summarized as follows:


	September 30, 2021
	Aviation Leasing		Jefferson Terminal		Transtar		Total
Intangible assets
Acquired favorable lease intangibles	$	42,751	$	—	$	1,500	$	44,251
Less: Accumulated amortization	(34,092)		—		(63)		(34,155)
Acquired favorable lease intangibles, net	8,659		—		1,437		10,096

Customer relationships	—		35,513		61,000		96,513
Less: Accumulated amortization	—		(25,150)		(722)		(25,872)
Acquired customer relationships, net	—		10,363		60,278		70,641

Total intangible assets, net	$	8,659	$	10,363	$	61,715	$	80,737

Intangible liabilities
Acquired unfavorable lease intangibles	$	7,148	$	—	$	100	$	7,248
Less: Accumulated amortization	(5,886)		—		(2)		(5,888)
Acquired unfavorable lease intangibles, net	$	1,262	$	—	$	98	$	1,360


	December 31, 2020
	Aviation Leasing		Jefferson Terminal		Transtar		Total
Intangible assets
Acquired favorable lease intangibles	$	35,349	$	—	$	—	$	35,349
Less: Accumulated amortization	(29,591)		—		—		(29,591)
Acquired favorable lease intangibles, net	5,758		—		—		5,758

Customer relationships	—		35,513		—		35,513
Less: Accumulated amortization	—		(22,485)		—		(22,485)
Acquired customer relationships, net	—		13,028		—		13,028

Total intangible assets, net	$	5,758	$	13,028	$	—	$	18,786

Intangible liabilities
Acquired unfavorable lease intangibles	$	7,151	$	—	$	—	$	7,151
Less: Accumulated amortization	(4,604)		—		—		(4,604)
Acquired unfavorable lease intangibles, net	$	2,547	$	—	$	—	$	2,547

Schedule of Intangible Assets and Liabilities

Amortization of intangible assets and liabilities is as follows:


	Classification in Consolidated Statements of Operations	Three Months Ended September 30,				Nine Months Ended September 30,
		2021		2020		2021		2020
Lease intangibles	Equipment leasing revenues	$	1,266	$	953	$	3,216	$	3,016
Lease intangibles	Depreciation and amortization	61		—		61		—
Customer relationships	Depreciation and amortization	1,610		888		3,387		2,665

Total		$	2,937	$	1,841	$	6,664	$	5,681

Schedule of Net Annual Amortization of Intangibles

As of September 30, 2021, estimated net annual amortization of intangibles is as follows:


Remainder of 2021	$	2,818
2022	10,333
2023	9,577
2024	8,374
2025	5,209
Thereafter	43,066
Total	$	79,377

DEBT, NET (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Our debt, net is summarized as follows:


	September 30, 2021				December 31, 2020
	Outstanding Borrowings		Stated Interest Rate	Maturity Date	Outstanding Borrowings
Loans payable
Revolving Credit Facility (1)	$	50,000	(i) Base Rate + 2.00%; or (ii) Adjusted Eurodollar Rate + 3.00%	1/31/22	$	—
DRP Revolver (2)	25,000		(i) Base Rate + 1.50%; or (ii) Base Rate + 2.50% (Eurodollar)	11/5/21	25,000
EB-5 Loan Agreement	26,100		5.75%	1/25/26	—
Total loans payable	101,100				25,000
Bonds payable
Series 2020 Bonds	263,980		(i) Tax Exempt Series 2020A Bonds: 3.625% (ii) Tax Exempt Series 2020A Bonds: 4.00% (iii) Taxable Series 2020B Bonds: 6.00%	(i) 1/1/35 (ii) 1/1/50 (iii) 1/1/25	263,980
Series 2021 Bonds	425,000		(i) Series 2021A Bonds: 1.875% to 3.000% (ii) Series 2021B Bonds: 4.100%	(i) 1/1/26 to 1/1/50 (ii) 1/1/28	—
Senior Notes due 2022 (3)	—		N/A	N/A	399,331
Senior Notes due 2025 (4)	852,320		6.50%	10/1/25	852,673
Senior Notes due 2027	400,000		9.75%	8/1/27	400,000
Senior Notes due 2028 (5)	1,002,494		5.50%	5/1/28	—
Total bonds payable	2,943,794				1,915,984

Debt	3,044,894				1,940,984
Less: Debt issuance costs	(60,905)				(36,222)
Total debt, net	$	2,983,989			$	1,904,762

Total debt due within one year	$	75,000			$	25,000

________________________________________________________

(1) Requires a quarterly commitment fee at a rate of 0.50% on the average daily unused portion, as well as customary letter of credit fees and agency fees.

(2) Requires a quarterly commitment fee at a rate of 0.875% on the average daily unused portion, as well as customary letter of credit fees and agency fees.

(3) Includes an unamortized discount of $2,230 and an unamortized premium of $1,561 at December 31, 2020.

(5) Includes an unamortized premium of $2,494 at September 30, 2021.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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-Section 45
-Paragraph 2
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis


	Fair Value as of		Fair Value Measurements Using Fair Value Hierarchy as of
	September 30, 2021		September 30, 2021
	Total		Level 1		Level 2		Level 3		Valuation Technique
Assets
Cash and cash equivalents	$	176,052	$	176,052	$	—	$	—	Market
Restricted cash	283,398		283,398		—		—		Market
Derivative assets	1,979		—		1,979		—		Income
Total assets	$	461,429	$	459,450	$	1,979	$	—





	Fair Value as of		Fair Value Measurements Using Fair Value Hierarchy as of
	December 31, 2020		December 31, 2020
	Total		Level 1		Level 2		Level 3		Valuation Technique
Assets
Cash and cash equivalents	$	121,703	$	121,703	$	—	$	—	Market
Restricted cash	39,715		39,715		—		—		Market

Total	$	161,418	$	161,418	$	—	$	—

Fair Value, by Balance Sheet Grouping

The fair value of our bonds and notes payable reported as debt, net in the Consolidated Balance Sheets are presented in the table below:


	September 30, 2021		December 31, 2020
Series 2020 A Bonds (1)	$	191,362	$	186,306
Series 2020 B Bonds (1)	81,768		79,723
Series 2021 A Bonds (1)	219,071		—
Series 2021 B Bonds (1)	196,042		—
Senior Notes due 2022	—		403,536
Senior Notes due 2025	876,299		888,701
Senior Notes due 2027	453,256		460,340
Senior Notes due 2028	1,008,960		—

________________________________________________________

(1) Fair value is based upon market prices for similar municipal securities.

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Assets at Fair Value

The following table presents information related to our butane derivative contracts:


	September 30, 2021		December 31, 2020
Notional Amount (BBL in thousands)	493		N/A
Fair Value of Assets (1)	$	1,979	$	—

Term	1 to 6 months		N/A

________________________________________________________

(1) Included in Other assets in the Consolidated Balance Sheets.

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents a summary of the changes in fair value for all Level 3 derivatives:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Beginning Balance	$	—	$	—	$	—	$	181
Net losses recognized in earnings	—		—		—		(181)




Ending Balance	$	—	$	—	$	—	$	—

REVENUES (Tables)

9 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


	Three Months Ended September 30, 2021
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Transtar		Corporate and Other		Total
Equipment leasing revenues
Lease income	$	40,392	$	—	$	—	$	—	$	2,386	$	42,778
Maintenance revenue	40,252		—		—		—		—		40,252
Finance lease income	439		—		—		—		—		439
Other revenue	12,855		—		—		—		2,850		15,705
Total equipment leasing revenues	93,938		—		—		—		5,236		99,174
Infrastructure revenues
Lease income	—		433		—		358		—		791
Rail revenues	—		—		—		24,182		—		24,182
Terminal services revenues	—		11,469		—		—		—		11,469
Crude marketing revenues	—		—		—		—		—		—
Other revenue	—		—		(458)		—		804		346
Total infrastructure revenues	—		11,902		(458)		24,540		804		36,788
Total revenues	$	93,938	$	11,902	$	(458)	$	24,540	$	6,040	$	135,962


	Three Months Ended September 30, 2020
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Transtar		Corporate and Other		Total
Equipment leasing revenues
Lease income	$	38,537	$	—	$	—	$	—	$	1,903	$	40,440
Maintenance revenue	25,609		—		—		—		—		25,609
Finance lease income	591		—		—		—		—		591
Other revenue	1,754		—		—		—		1,405		3,159
Total equipment leasing revenues	66,491		—		—		—		3,308		69,799
Infrastructure revenues
Lease income	—		368		—		—		—		368

Terminal services revenues	—		11,329		—		—		—		11,329
Crude marketing revenues	—		—		—		—		—		—
Other revenue	—		—		1,242		—		971		2,213
Total infrastructure revenues	—		11,697		1,242		—		971		13,910
Total revenues	$	66,491	$	11,697	$	1,242	$	—	$	4,279	$	83,709

Finance Lease, Lease Income

Presented below are the contracted minimum future annual revenues to be received under existing operating and finance leases across several market sectors as of September 30, 2021:


	Operating Leases		Finance Leases
Remainder of 2021	$	46,354	$	408
2022	134,253		1,291
2023	96,095		531
2024	69,352		113
2025	47,450		10
Thereafter	32,865		—
Total	$	426,369	$	2,353

Operating Lease, Lease Income

Presented below are the contracted minimum future annual revenues to be received under existing operating and finance leases across several market sectors as of September 30, 2021:


	Operating Leases		Finance Leases
Remainder of 2021	$	46,354	$	408
2022	134,253		1,291
2023	96,095		531
2024	69,352		113
2025	47,450		10
Thereafter	32,865		—
Total	$	426,369	$	2,353

LEASES (Tables)

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Lease, Cost

The following table presents lease related costs:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Amortization of right-of-use assets	$	161	$	—	$	161	$	—
Interest on lease liabilities	11		—		11		—
Finance lease expense	172		—		172		—
Operating lease expense	1,780		1,230		4,227		3,594
Short-term lease expense	320		84		900		534
Variable lease expense	540		111		1,177		1,215

Total lease expense	$	2,812	$	1,425	$	6,476	$	5,343

Supplemental Information Related to Leases

The following table presents information related to our operating leases as of and for the nine months ended September 30, 2021:


Right-of-use assets, net	$	74,643
Lease liabilities	74,134

Weighted average remaining lease term	33.6 years
Weighted average incremental borrowing rate	5.6		%


Cash paid for amounts included in the measurement of operating lease liabilities	$	4,208

Lessee, Operating Lease, Liability, Maturity

The following table presents future minimum lease payments under non-cancellable operating leases as of September 30, 2021:


Remainder of 2021	$	4,224
2022	9,589
2023	7,875
2024	6,901
2025	6,677
Thereafter	148,455
Total undiscounted lease payments	183,721
Less: Imputed interest	109,587
Total lease liabilities	$	74,134

EQUITY-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Arrangements

The Consolidated Statements of Operations includes the following expense related to our stock-based compensation arrangements:


	Three Months Ended September 30,				Nine Months Ended September 30,				Remaining Expense To Be Recognized, If All Vesting Conditions Are Met		Weighted Average Remaining Contractual Term (in years)
	2021		2020		2021		2020

Restricted Shares	$	553	$	427	$	2,664	$	857	$	4,712	1.2
Common Units	175		194		617		466		1,230		1.1
Total	$	728	$	621	$	3,281	$	1,323	$	5,942

INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The current and deferred components of the income tax benefit included in the Consolidated Statements of Operations are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Current:
Federal	$	74	$	(35)	$	130	$	33
State and local	80		79		241		330
Foreign	31		(27)		(25)		295
Total current provision	185		17		346		658
Deferred:
Federal	(670)		(656)		(2,137)		(1,534)
State and local	—		—		—		—
Foreign	(9)		(1,847)		(174)		(5,458)
Total deferred benefit	(679)		(2,503)		(2,311)		(6,992)

Benefit from income taxes	$	(494)	$	(2,486)	$	(1,965)	$	(6,334)

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of Related Party Transactions

The following table summarizes the management fees, income incentive allocation and capital gains incentive allocation:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Management fees	$	3,845	$	4,591	$	11,948	$	14,113
Income incentive allocation	—		—		—		—
Capital gains incentive allocation	—		—		—		—
Total	$	3,845	$	4,591	$	11,948	$	14,113

The following table summarizes our reimbursements to the Manager:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Classification in the Consolidated Statements of Operations:
General and administrative	$	1,927	$	2,347	$	6,138	$	6,737
Acquisition and transaction expenses	617		515		1,588		1,562
Total	$	2,544	$	2,862	$	7,726	$	8,299

The following table summarizes amounts due to the Manager, which are included within accounts payable and accrued liabilities in the Consolidated Balance Sheets:


	September 30, 2021		December 31, 2020
Accrued management fees	$	1,211	$	1,461
Other payables	724		1,317

The following table presents the amount of this non-controlling interest share of net loss:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Non-controlling interest share of net loss	$	7,364	$	3,809	$	18,918	$	12,490

SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables set forth certain information for each reportable segment:

I. For the Three Months Ended September 30, 2021


	Three Months Ended September 30, 2021
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Transtar		Corporate and Other		Total
Revenues
Equipment leasing revenues	$	93,938	$	—	$	—	$	—	$	5,236	$	99,174
Infrastructure revenues	—		11,902		(458)		24,540		804		36,788
Total revenues	93,938		11,902		(458)		24,540		6,040		135,962

Expenses
Operating expenses	15,411		12,441		5,272		12,877		6,792		52,793
General and administrative	—		—		—		—		4,422		4,422
Acquisition and transaction expenses	858		—		—		851		5,421		7,130
Management fees and incentive allocation to affiliate	—		—		—		—		3,845		3,845
Depreciation and amortization	34,288		9,405		2,299		5,270		2,106		53,368
Asset impairment	859		—		—		—		—		859
Interest expense	—		4,080		283		37		50,100		54,500
Total expenses	51,416		25,926		7,854		19,035		72,686		176,917

Other income (expense)
Equity in (losses) earnings of unconsolidated entities	(369)		—		(3,789)		—		76		(4,082)
Gain on sale of assets, net	12,685		—		—		—		—		12,685

Interest income	339		—		145		—		(1)		483
Other expense	(1,680)		(2,090)		(4,100)		(197)		(1)		(8,068)
Total other income (expense)	10,975		(2,090)		(7,744)		(197)		74		1,018
Income (loss) from continuing operations before income taxes	53,497		(16,114)		(16,056)		5,308		(66,572)		(39,937)
Provision for (benefit from) income taxes	129		47		(1,798)		1,128		—		(494)
Net income (loss) from continuing operations	53,368		(16,161)		(14,258)		4,180		(66,572)		(39,443)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	—		(7,189)		(174)		—		—		(7,363)
Less: Dividends on preferred shares	—		—		—		—		6,791		6,791
Net income (loss) from continuing operations attributable to shareholders	$	53,368	$	(8,972)	$	(14,084)	$	4,180	$	(73,363)	$	(38,871)

III. For the Three Months Ended September 30, 2020


	Three Months Ended September 30, 2020
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Transtar		Corporate and Other		Total
Revenues
Equipment leasing revenues	$	66,491	$	—	$	—	$	—	$	3,308	$	69,799
Infrastructure revenues	—		11,697		1,242		—		971		13,910
Total revenues	66,491		11,697		1,242		—		4,279		83,709

Expenses
Operating expenses	4,515		9,661		2,704		—		6,248		23,128
General and administrative	—		—		—		—		4,241		4,241
Acquisition and transaction expenses	2,060		—		20		—		362		2,442
Management fees and incentive allocation to affiliate	—		—		—		—		4,591		4,591
Depreciation and amortization	33,014		7,250		368		—		1,994		42,626
Asset impairment	3,915		—		—		—		—		3,915
Interest expense	—		1,487		298		—		25,119		26,904
Total expenses	43,504		18,398		3,390		—		42,555		107,847

Other income (expense)
Equity in (losses) earnings of unconsolidated entities	(247)		—		(2,285)		—		31		(2,501)
Loss on sale of assets, net	(1,114)		—		—		—		—		(1,114)

Interest income	41		—		—		—		17		58

Total other (expense) income	(1,320)		—		(2,285)		—		48		(3,557)
Income (loss) from continuing operations before income taxes	21,667		(6,701)		(4,433)		—		(38,228)		(27,695)
(Benefit from) provision for income taxes	(1,873)		3		(656)		—		40		(2,486)
Net income (loss) from continuing operations	23,540		(6,704)		(3,777)		—		(38,268)		(25,209)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	—		(3,809)		(67)		—		—		(3,876)
Less: Dividends on preferred shares	—		—		—		—		4,625		4,625
Net income (loss) from continuing operations attributable to shareholders	$	23,540	$	(2,895)	$	(3,710)	$	—	$	(42,893)	$	(25,958)

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to shareholders from continuing operations:


	Three Months Ended September 30, 2021
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Transtar		Corporate and Other		Total
Adjusted EBITDA	$	96,002	$	1,946	$	2,766	$	11,466	$	(15,791)	$	96,389
Add: Non-controlling share of Adjusted EBITDA											3,420
Add: Equity in losses of unconsolidated entities											(4,082)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities											(7,470)
Less: Interest expense											(54,500)
Less: Depreciation and amortization expense											(59,811)
Less: Incentive allocations											—
Less: Asset impairment charges											(859)
Less: Changes in fair value of non-hedge derivative instruments											(4,594)
Less: Losses on the modification or extinguishment of debt and capital lease obligations											—
Less: Acquisition and transaction expenses											(7,130)
Less: Equity-based compensation expense											(728)
Less: Benefit from income taxes											494
Net loss attributable to shareholders from continuing operations											$	(38,871)

The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to shareholders from continuing operations:


	Three Months Ended September 30, 2020
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Transtar		Corporate and Other		Total
Adjusted EBITDA	$	70,562	$	4,348	$	(837)	$	—	$	(15,437)	$	58,636
Add: Non-controlling share of Adjusted EBITDA											1,955
Add: Equity in losses of unconsolidated entities											(2,501)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities											(120)
Less: Interest expense											(26,904)
Less: Depreciation and amortization expense											(52,532)
Less: Incentive allocations											—
Less: Asset impairment charges											(3,915)
Less: Changes in fair value of non-hedge derivative instruments											—
Less: Losses on the modification or extinguishment of debt and capital lease obligations											—
Less: Acquisition and transaction expenses											(2,442)
Less: Equity-based compensation expense											(621)
Less: Benefit from income taxes											2,486
Net loss attributable to shareholders from continuing operations											$	(25,958)

Revenue from External Customers by Geographic Areas

Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows:


	Three Months Ended September 30, 2021
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Transtar		Corporate and Other		Total
Revenues

Asia	$	36,421	$	—	$	—	$	—	$	5,236	$	41,657
Europe	35,708		—		—		—		—		35,708
North America	18,152		11,902		(458)		24,540		804		54,940
South America	3,657		—		—		—		—		3,657
Total	$	93,938	$	11,902	$	(458)	$	24,540	$	6,040	$	135,962

Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows:


	Three Months Ended September 30, 2020
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Transtar		Corporate and Other		Total
Revenues
Africa	$	1,781	$	—	$	—	$	—	$	—	$	1,781
Asia	28,522		—		—		—		3,308		31,830
Europe	29,011		—		—		—		—		29,011
North America	6,911		11,697		1,242		—		971		20,821
South America	266		—		—		—		—		266
Total	$	66,491	$	11,697	$	1,242	$	—	$	4,279	$	83,709

Reconciliation of Other Significant Reconciling Items from Segments to Consolidated

. Balance Sheet and Location of Long-Lived Assets

The following tables sets forth summarized balance sheet information and the geographic location of property, plant and equipment and leasing equipment, net:


	September 30, 2021
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Transtar		Corporate and Other		Total
Total assets	$	1,869,233	$	1,304,236	$	364,058	$	771,895	$	373,095	$	4,682,517

Debt, net	—		692,970		25,000		—		2,266,019		2,983,989

Total liabilities	171,434		825,331		36,541		112,860		2,332,309		3,478,475

Non-controlling interests in equity of consolidated subsidiaries	—		4,352		1,698		—		524		6,574

Total equity	1,697,799		478,905		327,517		659,035		(1,959,214)		1,204,042

Total liabilities and equity	$	1,869,233	$	1,304,236	$	364,058	$	771,895	$	373,095	$	4,682,517


	December 31, 2020
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Transtar		Corporate and Other		Total
Total assets	$	1,704,205	$	989,928	$	400,217	$	—	$	293,627	$	3,387,977

Debt, net	—		253,473		25,000		—		1,626,289		1,904,762

Total liabilities	219,692		365,629		38,242		—		1,665,093		2,288,656

Non-controlling interests in equity of consolidated subsidiaries	—		20,785		1,354		—		524		22,663

Total equity	1,484,513		624,299		361,975		—		(1,371,466)		1,099,321

Total liabilities and equity	$	1,704,205	$	989,928	$	400,217	$	—	$	293,627	$	3,387,977

Long-lived Assets by Geographic Areas


	September 30, 2021
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Transtar		Corporate and Other		Total
Property, plant and equipment and leasing equipment, net

Asia	$	400,718	$	—	$	—	$	—	$	66,490	$	467,208
Europe	738,692		—		—		—		—		738,692
North America	279,794		741,606		279,360		502,219		113,402		1,916,381
South America	102,083		—		—		—		—		102,083
Total	$	1,521,287	$	741,606	$	279,360	$	502,219	$	179,892	$	3,224,364


	December 31, 2020
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Transtar		Corporate and Other		Total
Property, plant and equipment and leasing equipment, net

Asia	$	445,566	$	—	$	—	$	—	$	56,702	$	502,268
Europe	774,300		—		—		—		—		774,300
North America	208,190		702,393		269,680		—		117,782		1,298,045
South America	25,009		—		—		—		—		25,009
Total	$	1,453,065	$	702,393	$	269,680	$	—	$	174,484	$	2,599,622

EARNINGS PER SHARE AND EQUITY (Tables)

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The calculation of basic and diluted EPS is presented below:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except share and per share data)	2021		2020		2021		2020
Net loss from continuing operations	$	(39,443)	$	(25,209)	$	(110,927)	$	(45,328)
Net income from discontinued operations, net of income taxes	—		—		—		1,331
Net loss	(39,443)		(25,209)		(110,927)		(43,997)

Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	(7,363)		(3,876)		(18,949)		(12,724)

Less: Dividends on preferred shares	6,791		4,625		17,967		13,243
Net loss attributable to shareholders	$	(38,871)	$	(25,958)	$	(109,945)	$	(44,516)
Weighted Average Common Shares Outstanding - Basic (1)	88,277,897		86,022,302		86,787,072		86,013,485
Weighted Average Common Shares Outstanding - Diluted (1)	88,277,897		86,022,302		86,787,072		86,013,485
Basic
Continuing operations	$	(0.44)	$	(0.30)	$	(1.27)	$	(0.53)
Discontinued operations	$	—	$	—	$	—	$	0.02
Diluted
Continuing operations	$	(0.44)	$	(0.30)	$	(1.27)	$	(0.53)
Discontinued operations	$	—	$	—	$	—	$	0.02

________________________________________________________

(1) Three and nine months ended September 30, 2021 and 2020 includes participating securities which can be converted into a fixed amount of our shares.

ORGANIZATION (Details)	9 Months Ended
ORGANIZATION (Details)	Sep. 30, 2021 freightRailroad segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of freight railroads \| freightRailroad	5
Number of reportable segments	4
Number of primary businesses	2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2021 USD ($) $ / shares	Sep. 30, 2020 USD ($) $ / shares	Jun. 30, 2021 USD ($)	Sep. 30, 2021 USD ($) $ / shares	Sep. 30, 2020 USD ($) $ / shares	Dec. 31, 2020 USD ($) customer	Jul. 01, 2016
Accounting Policies [Line Items]
Debt issuance cost	$ 60,905			$ 60,905		$ 36,222
Amortization of deferred financing costs	14,400	$ 2,100		18,853	$ 6,156
Concentration risk, number of customers \| customer						2
Provision for doubtful accounts	4,900			4,900		$ 4,600
Bad debt expense	$ 1,600	$ 200		$ 800	$ 2,000
Common stock dividends declared (in dollars per share) \| $ / shares	$ 0.33	$ 0.33		$ 0.99	$ 0.99
Payments for Deposits on Leasing Equipment				$ 13,790	$ 5,320
Carrying value	$ 110,963			$ 110,963		146,515
Aleon Renewable Metals
Accounting Policies [Line Items]
Ownership percentage	50.00%			50.00%
GM-FTAI Holdco LLC
Accounting Policies [Line Items]
Ownership percentage	50.00%			50.00%
Carrying value	$ 52,500			$ 52,500		0
Gladieux Metals Recycling
Accounting Policies [Line Items]
Ownership percentage	1.00%			1.00%
Series A Preferred Shares
Accounting Policies [Line Items]
Preferred stock dividends declared (in dollars per share) \| $ / shares	$ 0.52
Series B Preferred Stock
Accounting Policies [Line Items]
Preferred stock dividends declared (in dollars per share) \| $ / shares	0.50
Series C Preferred Stock
Accounting Policies [Line Items]
Preferred stock dividends declared (in dollars per share) \| $ / shares	$ 0.52
Other Assets
Accounting Policies [Line Items]
Inventory	$ 4,700			$ 4,700		100
Debt fees	400			400		1,600
Capitalized costs, potential asset acquisitions	44,600			44,600		55,100
Prepaid expense	23,700			23,700		10,100
Payments for Deposits on Leasing Equipment			$ 6,100	12,200
Notes receivable	31,700			31,700		700
Maintenance right assets	22,600			22,600		6,400
Other Assets, Aviation
Accounting Policies [Line Items]
Inventory	$ 82,300			$ 82,300		$ 58,200
Customer Group Two \| Customer Concentration Risk \| Sales Revenue, Segment \| Jefferson Terminal
Accounting Policies [Line Items]
Concentration risk	14.00%
Customer Group Two \| Customer Concentration Risk \| Sales Revenue, Segment \| Aviation Leasing
Accounting Policies [Line Items]
Concentration risk	10.00%	10.00%		10.00%	10.00%
Major Accounts Receivable Customer, Aviation Leasing, Customer One \| Customer Concentration Risk \| Accounts Receivable
Accounting Policies [Line Items]
Concentration risk			40.00%	26.00%
Major Accounts Receivable Customer, Aviation Leasing, Customer Two \| Customer Concentration Risk \| Accounts Receivable
Accounting Policies [Line Items]
Concentration risk			15.00%	10.00%
Major Accounts Receivable Customer, Jefferson Terminal, Customer One \| Customer Concentration Risk \| Accounts Receivable
Accounting Policies [Line Items]
Concentration risk				21.00%
Major Accounts Receivable Customer, Jefferson Terminal, Customer Two \| Customer Concentration Risk \| Accounts Receivable
Accounting Policies [Line Items]
Concentration risk				21.00%
Delaware River Partners LLC \| Variable Interest Entity, Primary Beneficiary
Accounting Policies [Line Items]
Ownership percentage							98.00%
Interest held in VIE, as a percentage				100.00%

DISCONTINUED OPERATIONS - Narrative (Details) $ in Millions	9 Months Ended
DISCONTINUED OPERATIONS - Narrative (Details) $ in Millions	Sep. 30, 2020 USD ($)
Discontinued Operations, Disposed of by Sale \| CMQR
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on disposition of assets	$ 1.3

ACQUISITION OF TRANSTAR, LLC. - Narrative (Details)
$ in Thousands

3 Months Ended

9 Months Ended

Jul. 28, 2021

USD ($)

Sep. 30, 2021

USD ($)

Sep. 30, 2020

USD ($)

Sep. 30, 2021

USD ($)

freightRailroad

Sep. 30, 2020

USD ($)

Jul. 29, 2021

USD ($)

Dec. 31, 2020

USD ($)

Business Acquisition [Line Items]

Debt, net

$ 2,983,989

$ 1,904,762

Number of freight railroads | freightRailroad

Transaction related costs

7,130

$ 2,442

$ 13,172

$ 9,297

ACQUISITIONS

4. ACQUISITION OF TRANSTAR, LLC

The following table summarizes the preliminary allocation of the purchase price, as presented in our Consolidated Balance Sheets:


Fair value of assets acquired:
Cash and cash equivalents	$	8,610
Accounts receivable, net	18,625
Operating lease right-of-use assets, net	10,831

Property, plant and equipment, net	506,479
Intangible assets, net	62,500
Other assets	15,594
Total assets	622,639
Fair value of liabilities assumed:
Accounts payable and accrued liabilities	47,010
Operating lease liabilities	10,689
Pension and other postretirement benefits (1)	37,552
Other liabilities	8,587
Total liabilities	103,838
Goodwill (2)	117,206
Total purchase consideration	$	636,007

________________________________________________________

(1) Included in Other liabilities in the Consolidated Balance Sheets.

The following table presents the identifiable intangible assets and their estimated useful lives:


	Estimated useful life in years	Fair value
Above/below market leases	2 - 7	$	1,500
Customer relationships	13 - 15	61,000

Total		$	62,500

The following table presents the property, plant and equipment and their estimated useful lives:


	Estimated useful life in years	Fair value
Railcars and locomotives	1 - 40	$	126,055
Track and track related assets	1 - 40	88,121
Land, site improvements and rights	N/A	91,890
Bridges and tunnels	15 - 55	176,309
Buildings and improvements	3 - 25	12,533
Railroad equipment	2 - 15	2,712
Terminal machinery and equipment	2 - 15	3,215
Vehicles	2 - 5	3,538
Construction in progress	N/A	1,928
Computer hardware and software	2 - 22	178
Total		$	506,479

•Impacts of debt financing, including interest for debt issued and amortization of deferred financing costs;

•Associated tax-related impacts of adjustments.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Total revenue	$	146,233	$	111,415	$	389,569	$	374,184
Net loss attributable to shareholders	(24,778)		(23,549)		(87,666)		(62,521)

Bridge Loans

Business Acquisition [Line Items]

Debt, net

$ 650,000

Transtar

Business Acquisition [Line Items]

Total purchase consideration

$ 636,007

Consideration term

15 years

Percent interest acquired

100.00%

Transaction related costs

$ 3,900

$ 7,000

ACQUISITION OF TRANSTAR, LLC. - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jul. 28, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 239,941		$ 122,735
Transtar
Business Acquisition [Line Items]
Cash and cash equivalents		$ 8,610
Accounts receivable, net		18,625
Operating lease right-of-use assets, net		10,831
Property, plant and equipment, net		506,479
Intangible assets, net		62,500
Other assets		15,594
Total assets		622,639
Accounts payable and accrued liabilities		47,010
Operating lease liabilities		10,689
Pension and other postretirement benefits (1)		37,552
Other liabilities		8,587
Total liabilities		103,838
Goodwill		117,206
Total purchase consideration		$ 636,007

ACQUISITION OF TRANSTAR, LLC. - Intangible Assets Acquired (Details) - USD ($) $ in Thousands	Jul. 28, 2021	Sep. 30, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Total intangible assets		$ 79,377
Customer relationships
Business Acquisition [Line Items]
Total intangible assets		$ 70,641	$ 13,028
Transtar
Business Acquisition [Line Items]
Total intangible assets	$ 62,500
Transtar \| Above/below market leases
Business Acquisition [Line Items]
Total intangible assets	1,500
Transtar \| Customer relationships
Business Acquisition [Line Items]
Total intangible assets	$ 61,000
Minimum \| Transtar \| Above/below market leases
Business Acquisition [Line Items]
Estimated useful life in years	2 years
Minimum \| Transtar \| Customer relationships
Business Acquisition [Line Items]
Estimated useful life in years	13 years
Maximum \| Transtar \| Above/below market leases
Business Acquisition [Line Items]
Estimated useful life in years	7 years
Maximum \| Transtar \| Customer relationships
Business Acquisition [Line Items]
Estimated useful life in years	15 years

ACQUISITION OF TRANSTAR, LLC. - Property, Plant, and Equipment Acquired (Details) - USD ($) $ in Thousands	Jul. 28, 2021	Sep. 30, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Property, plant, and equipment, net		$ 1,527,770	$ 964,363
Transtar
Business Acquisition [Line Items]
Property, plant, and equipment, net	$ 506,479
Transtar \| Railcars and locomotives
Business Acquisition [Line Items]
Property, plant, and equipment, net	126,055
Transtar \| Track and track related assets
Business Acquisition [Line Items]
Property, plant, and equipment, net	88,121
Transtar \| Land, site improvements and rights
Business Acquisition [Line Items]
Property, plant, and equipment, net	91,890
Transtar \| Bridges and tunnels
Business Acquisition [Line Items]
Property, plant, and equipment, net	176,309
Transtar \| Buildings and improvements
Business Acquisition [Line Items]
Property, plant, and equipment, net	12,533
Transtar \| Railroad equipment
Business Acquisition [Line Items]
Property, plant, and equipment, net	2,712
Transtar \| Terminal machinery and equipment
Business Acquisition [Line Items]
Property, plant, and equipment, net	3,215
Transtar \| Other
Business Acquisition [Line Items]
Property, plant, and equipment, net	3,538
Transtar \| Construction in progress
Business Acquisition [Line Items]
Property, plant, and equipment, net	1,928
Transtar \| Computer Equipment
Business Acquisition [Line Items]
Property, plant, and equipment, net	$ 178
Minimum \| Transtar \| Railcars and locomotives
Business Acquisition [Line Items]
Useful life	1 year
Minimum \| Transtar \| Track and track related assets
Business Acquisition [Line Items]
Useful life	1 year
Minimum \| Transtar \| Bridges and tunnels
Business Acquisition [Line Items]
Useful life	15 years
Minimum \| Transtar \| Buildings and improvements
Business Acquisition [Line Items]
Useful life	3 years
Minimum \| Transtar \| Railroad equipment
Business Acquisition [Line Items]
Useful life	2 years
Minimum \| Transtar \| Terminal machinery and equipment
Business Acquisition [Line Items]
Useful life	2 years
Minimum \| Transtar \| Other
Business Acquisition [Line Items]
Useful life	2 years
Minimum \| Transtar \| Computer Equipment
Business Acquisition [Line Items]
Useful life	2 years
Maximum \| Transtar \| Railcars and locomotives
Business Acquisition [Line Items]
Useful life	40 years
Maximum \| Transtar \| Track and track related assets
Business Acquisition [Line Items]
Useful life	40 years
Maximum \| Transtar \| Bridges and tunnels
Business Acquisition [Line Items]
Useful life	55 years
Maximum \| Transtar \| Buildings and improvements
Business Acquisition [Line Items]
Useful life	25 years
Maximum \| Transtar \| Railroad equipment
Business Acquisition [Line Items]
Useful life	15 years
Maximum \| Transtar \| Terminal machinery and equipment
Business Acquisition [Line Items]
Useful life	15 years
Maximum \| Transtar \| Other
Business Acquisition [Line Items]
Useful life	5 years
Maximum \| Transtar \| Computer Equipment
Business Acquisition [Line Items]
Useful life	22 years

ACQUISITION OF TRANSTAR, LLC. - Pro Forma Information (Details) - Transtar - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Business Acquisition [Line Items]
Revenues	$ 146,233	$ 111,415	$ 389,569	$ 374,184
Business Acquisition, Pro Forma Net Income (Loss)	$ (24,778)	$ (23,549)	$ (87,666)	$ (62,521)

LEASING EQUIPMENT, NET (Details) $ in Thousands	3 Months Ended		9 Months Ended
LEASING EQUIPMENT, NET (Details) $ in Thousands	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($) aircraft commercial_jet_engine	Sep. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)
Leases [Line Items]
Leasing equipment	$ 1,659,378		$ 1,659,378		$ 1,060,916
Less: accumulated depreciation	(131,608)		(131,608)		(96,553)
Property, plant and equipment, net	1,527,770		1,527,770		964,363
Impairment of long lived assets			$ 3,000
Dispositions:
Aircraft \| aircraft			4
Engines \| commercial_jet_engine			31
Acquisitions:
Aircraft \| aircraft			24
Engines \| commercial_jet_engine			44
Leasing Equipment
Leases [Line Items]
Leasing equipment	2,137,509		$ 2,137,509		2,042,404
Less: accumulated depreciation	(440,915)		(440,915)		(407,145)
Property, plant and equipment, net	1,696,594		1,696,594		$ 1,635,259
Depreciation expense for leasing equipment	$ 36,406	$ 35,104	$ 107,000	$ 104,121

FINANCE LEASES, NET - Summary (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Finance leases	$ 16,148	$ 9,389
Unearned revenue	(2,353)	(2,462)
Finance leases, net	$ 13,795	$ 6,927

FINANCE LEASES, NET - Narrative (Details)	9 Months Ended
FINANCE LEASES, NET - Narrative (Details)	Sep. 30, 2021 airframe
Leases [Abstract]
Sales-type lease, term of contract	52 months
Number of airframes	5

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,659,378	$ 1,060,916
Less: accumulated depreciation	(131,608)	(96,553)
Property, plant and equipment, net	1,527,770	964,363
Land, site improvements and rights
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	151,185	52,047
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	126,537	425,261
Bridges and tunnels
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	176,310	0
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	18,826	4,491
Terminal machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	937,319	557,788
Track and track related assets
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	96,497	2,349
Railroad equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	7,792	5,560
Railcars and locomotives
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	126,429	0
Computer hardware and software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	5,337	5,101
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	3,113	2,449
Other
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 10,033	$ 5,870

PROPERTY, PLANT AND EQUIPMENT, NET - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021 USD ($)
Property, Plant and Equipment [Abstract]
Property, plant and equipment acquired	$ (598.5)

PROPERTY, PLANT AND EQUIPMENT, NET - Depreciation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Depreciation expense for property, plant and equipment:
Depreciation expense	$ 15,291	$ 6,634	$ 34,826	$ 19,757

INVESTMENTS - Ownership Carrying Values (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020	Jul. 31, 2020	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 110,963,000	$ 146,515,000
Advanced Engine Repair JV
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	25.00%			25.00%
Carrying Value	$ 21,670,000	22,721,000		$ 15,000,000
Intermodal Finance I, Ltd.
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	51.00%
Carrying Value	$ 0	0
Long Ridge Terminal LLC
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	50.00%
Carrying Value	$ 35,538,000	122,539,000
FYX Trust Holdco LLC
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	14.00%		14.00%
Carrying Value	$ 1,255,000	1,255,000	$ 1,300,000
GM-FTAI Holdco LLC
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	50.00%
Carrying Value	$ 52,500,000	$ 0

INVESTMENTS - Share of Equity of Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Schedule of Equity Method Investments [Line Items]
Income (loss)	$ (4,082)	$ (2,501)	$ (9,860)	$ (5,445)
Advanced Engine Repair JV
Schedule of Equity Method Investments [Line Items]
Income (loss)	(369)	(247)	(1,050)	(1,432)
Intermodal Finance I, Ltd.
Schedule of Equity Method Investments [Line Items]
Income (loss)	76	32	452	(51)
Long Ridge Terminal LLC
Schedule of Equity Method Investments [Line Items]
Income (loss)	$ (3,789)	$ (2,286)	$ (9,262)	$ (3,962)

INVESTMENTS - Narrative (Details) - USD ($)	1 Months Ended
INVESTMENTS - Narrative (Details) - USD ($)	Dec. 31, 2019	Aug. 31, 2019	Sep. 30, 2021	Dec. 31, 2020	Jul. 31, 2020	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Carrying value			$ 110,963,000	$ 146,515,000
Long Ridge Terminal LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage sold	49.90%
Proceeds from sale of equity method investments	$ 150,000,000
Carrying value			$ 35,538,000	122,539,000
Ownership percentage			50.00%
Advanced Engine Repair JV
Schedule of Equity Method Investments [Line Items]
Carrying value			$ 21,670,000	22,721,000		$ 15,000,000
Ownership percentage			25.00%			25.00%
Equity method investment contribution amount		$ 13,500,000
Aleon Renewable Metals
Schedule of Equity Method Investments [Line Items]
Ownership percentage			50.00%
FYX Trust Holdco LLC
Schedule of Equity Method Investments [Line Items]
Carrying value			$ 1,255,000	1,255,000	$ 1,300,000
Ownership percentage			14.00%		14.00%
GM-FTAI Holdco LLC
Schedule of Equity Method Investments [Line Items]
Carrying value			$ 52,500,000	$ 0
Ownership percentage			50.00%
Gladieux Metals Recycling
Schedule of Equity Method Investments [Line Items]
Ownership percentage			1.00%

INTANGIBLE ASSETS AND LIABILITIES, NET - Summarized Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Intangible assets:
Total	$ 79,377
Total intangible assets, net	80,737	$ 18,786
Intangible liabilities
Acquired unfavorable lease intangibles	7,248	7,151
Less: Accumulated amortization	(5,888)	(4,604)
Acquired unfavorable lease intangibles, net	1,360	2,547
Acquired favorable lease intangibles
Intangible assets:
Acquired favorable lease intangibles	44,251	35,349
Less: Accumulated amortization	(34,155)	(29,591)
Total	10,096	5,758
Customer relationships
Intangible assets:
Acquired favorable lease intangibles	96,513	35,513
Less: Accumulated amortization	(25,872)	(22,485)
Total	70,641	13,028
Operating Segments \| Aviation Leasing
Intangible assets:
Total intangible assets, net	8,659	5,758
Intangible liabilities
Acquired unfavorable lease intangibles	7,148	7,151
Less: Accumulated amortization	(5,886)	(4,604)
Acquired unfavorable lease intangibles, net	1,262	2,547
Operating Segments \| Aviation Leasing \| Acquired favorable lease intangibles
Intangible assets:
Acquired favorable lease intangibles	42,751	35,349
Less: Accumulated amortization	(34,092)	(29,591)
Total	8,659	5,758
Operating Segments \| Aviation Leasing \| Customer relationships
Intangible assets:
Acquired favorable lease intangibles	0	0
Less: Accumulated amortization	0	0
Total	0	0
Operating Segments \| Jefferson Terminal
Intangible assets:
Total intangible assets, net	10,363	13,028
Intangible liabilities
Acquired unfavorable lease intangibles	0	0
Less: Accumulated amortization	0	0
Acquired unfavorable lease intangibles, net	0	0
Operating Segments \| Jefferson Terminal \| Acquired favorable lease intangibles
Intangible assets:
Acquired favorable lease intangibles	0	0
Less: Accumulated amortization	0	0
Total	0	0
Operating Segments \| Jefferson Terminal \| Customer relationships
Intangible assets:
Acquired favorable lease intangibles	35,513	35,513
Less: Accumulated amortization	(25,150)	(22,485)
Total	10,363	13,028
Operating Segments \| Transtar
Intangible assets:
Total intangible assets, net	61,715	0
Intangible liabilities
Acquired unfavorable lease intangibles	100	0
Less: Accumulated amortization	(2)	0
Acquired unfavorable lease intangibles, net	98	0
Operating Segments \| Transtar \| Acquired favorable lease intangibles
Intangible assets:
Acquired favorable lease intangibles	1,500	0
Less: Accumulated amortization	(63)	0
Total	1,437	0
Operating Segments \| Transtar \| Customer relationships
Intangible assets:
Acquired favorable lease intangibles	61,000	0
Less: Accumulated amortization	(722)	0
Total	$ 60,278	$ 0

INTANGIBLE ASSETS AND LIABILITIES, NET - Intangible Liabilities Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Finite-Lived Intangible Assets [Line Items]
Total	$ 2,937	$ 1,841	$ 6,664	$ 5,681
Equipment leasing revenues \| Lease intangibles
Finite-Lived Intangible Assets [Line Items]
Equipment leasing revenues	1,266	953	3,216	3,016
Depreciation and amortization \| Lease intangibles
Finite-Lived Intangible Assets [Line Items]
Depreciation and amortization	61	0	61	0
Depreciation and amortization \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Depreciation and amortization	$ 1,610	$ 888	$ 3,387	$ 2,665

INTANGIBLE ASSETS AND LIABILITIES, NET - Schedule of Future Amortization Expense (Details) $ in Thousands	Sep. 30, 2021 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2021	$ 2,818
2022	10,333
2023	9,577
2024	8,374
2025	5,209
Thereafter	43,066
Total	$ 79,377

DEBT, NET - Schedule of Debt (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 24, 2021	May 07, 2021	Apr. 12, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Debt	$ 3,044,894				$ 1,940,984
Less: Debt issuance costs	(60,905)				(36,222)
Total debt, net	2,983,989				1,904,762
Total debt due within one year	75,000				25,000
Series 2021 Bonds
Debt Instrument [Line Items]
Total debt, net	425,000
Series 2021B Bonds
Debt Instrument [Line Items]
Total debt, net	200,000
Series 2021A Bonds Due 2050
Debt Instrument [Line Items]
Total debt, net	102,800
Senior Notes Due 2022
Debt Instrument [Line Items]
Total debt, net			$ 400,000
Senior Notes due 2028
Debt Instrument [Line Items]
Total debt, net		$ 500,000		$ 500,000
Stated percentage				5.50%
Loans payable
Debt Instrument [Line Items]
Debt	101,100				25,000
Loans payable \| DRP Revolver
Debt Instrument [Line Items]
Total debt, net	$ 25,000				25,000
Basis spread	1.50%
Quarterly commitment fee rate	0.875%
Loans payable \| EB-5 Loan Agreement
Debt Instrument [Line Items]
Total debt, net	$ 26,100				0
Bonds payable
Debt Instrument [Line Items]
Debt	$ 2,943,794				1,915,984
Bonds payable \| EB-5 Loan Agreement
Debt Instrument [Line Items]
Stated percentage	5.75%
Bonds payable \| Series 2020 Bonds
Debt Instrument [Line Items]
Debt	$ 263,980				263,980
Bonds payable \| Series 2020 Bonds Due 2035
Debt Instrument [Line Items]
Stated percentage	3.625%
Bonds payable \| Series 2020 Bonds Due 2050
Debt Instrument [Line Items]
Stated percentage	4.00%
Bonds payable \| Series 2020 Bonds Due 2025
Debt Instrument [Line Items]
Stated percentage	6.00%
Bonds payable \| Series 2021 Bonds
Debt Instrument [Line Items]
Debt	$ 425,000				0
Unamortized premium	$ 2,494
Bonds payable \| Series 2021A Bonds Due 2026 Through 2041
Debt Instrument [Line Items]
Stated percentage	1.875%
Bonds payable \| Series 2021B Bonds
Debt Instrument [Line Items]
Stated percentage	4.10%
Bonds payable \| Series 2021A Bonds Due 2050
Debt Instrument [Line Items]
Stated percentage	3.00%
Bonds payable \| Senior Notes Due 2022
Debt Instrument [Line Items]
Total debt, net	$ 0				399,331
Unamortized discount					2,230
Unamortized premium					1,561
Bonds payable \| Senior Notes Due 2025
Debt Instrument [Line Items]
Total debt, net	$ 852,320				852,673
Stated percentage	6.50%
Unamortized discount	$ 3,713				4,303
Unamortized premium	6,033				6,976
Bonds payable \| Senior Notes due 2027
Debt Instrument [Line Items]
Total debt, net	$ 400,000				400,000
Stated percentage	9.75%
Bonds payable \| Senior Notes due 2028
Debt Instrument [Line Items]
Total debt, net	$ 1,002,494				0
Stated percentage	5.50%
Revolving Credit Facility \| Loans payable
Debt Instrument [Line Items]
Total debt, net	$ 50,000				$ 0
Basis spread	2.00%
Quarterly commitment fee rate	0.50%
Adjusted Eurodollar Rate \| Revolving Credit Facility \| Loans payable
Debt Instrument [Line Items]
Basis spread	3.00%
Eurodollar \| Loans payable \| DRP Revolver
Debt Instrument [Line Items]
Basis spread	2.50%

DEBT, NET - Narrative (Details) - USD ($) $ in Thousands				3 Months Ended		9 Months Ended
DEBT, NET - Narrative (Details) - USD ($) $ in Thousands	Sep. 24, 2021	Sep. 14, 2021	May 07, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jul. 29, 2021	Jul. 28, 2021	Apr. 12, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Debt, net				$ 2,983,989		$ 2,983,989					$ 1,904,762
Loss on extinguishment of debt				$ 0	$ 0	3,254	$ 4,724
Proceeds from Issuance of Debt	$ 358,300
Debt Instrument, Offering Price, Percentage				100.50%
Proceeds from issuance of common shares, net of underwriter's discount		$ 291,700				$ 291,822	$ 0
EB-5 Loan Agreement
Debt Instrument [Line Items]
Debt maturity term				5 years		5 years
EB-5 Loan Agreement \| Bonds payable
Debt Instrument [Line Items]
Extension exercised stated percentage						6.25%
Stated percentage				5.75%		5.75%
EB-5 Loan Agreement \| Loans payable
Debt Instrument [Line Items]
Debt instrument face amount				$ 61,200		$ 61,200
Debt, net				26,100		$ 26,100					0
EB-5 Loan Agreement Tranche One
Debt Instrument [Line Items]
Extended term option						1 year
EB-5 Loan Agreement Tranche One \| Loans payable
Debt Instrument [Line Items]
Debt, net				26,100		$ 26,100
EB-5 Loan Agreement Tranche Two
Debt Instrument [Line Items]
Extended term option						1 year
EB-5 Loan Agreement Tranche Two \| Loans payable
Debt Instrument [Line Items]
Debt, net				35,100		$ 35,100
Senior Notes due 2028
Debt Instrument [Line Items]
Debt, net	$ 500,000									$ 500,000
Stated percentage										5.50%
Senior Notes due 2028 \| Bonds payable
Debt Instrument [Line Items]
Debt, net				$ 1,002,494		$ 1,002,494					0
Stated percentage				5.50%		5.50%
Senior Notes due 2022
Debt Instrument [Line Items]
Debt, net			$ 400,000
Loss on extinguishment of debt			$ 3,300
Senior Notes due 2022 \| Bonds payable
Debt Instrument [Line Items]
Debt, net				$ 0		$ 0					399,331
Series 2021 Bonds
Debt Instrument [Line Items]
Debt, net				425,000		425,000
Series 2021A Bonds
Debt Instrument [Line Items]
Debt, net				225,000		225,000
Series 2021B Bonds
Debt Instrument [Line Items]
Debt, net				$ 200,000		$ 200,000
Series 2021B Bonds \| Bonds payable
Debt Instrument [Line Items]
Stated percentage				4.10%		4.10%
Series 2021A Bonds Due 2026 Through 2031
Debt Instrument [Line Items]
Debt, net				$ 39,100		$ 39,100
Series 2021A Bonds Due 2036
Debt Instrument [Line Items]
Debt, net				$ 38,200		$ 38,200
Series 2021A Bonds Due 2036 \| Bonds payable
Debt Instrument [Line Items]
Stated percentage				2.75%		2.75%
Series 2021A Bonds Due 2041
Debt Instrument [Line Items]
Debt, net				$ 44,900		$ 44,900
Series 2021A Bonds Due 2041 \| Bonds payable
Debt Instrument [Line Items]
Stated percentage				2.875%		2.875%
Series 2021A Bonds Due 2050
Debt Instrument [Line Items]
Debt, net				$ 102,800		$ 102,800
Series 2021A Bonds Due 2050 \| Bonds payable
Debt Instrument [Line Items]
Stated percentage				3.00%		3.00%
Senior Notes Due 2025 \| Bonds payable
Debt Instrument [Line Items]
Debt, net				$ 852,320		$ 852,320					$ 852,673
Stated percentage				6.50%		6.50%
Series 2021A Bonds Due 2026 \| Bonds payable
Debt Instrument [Line Items]
Stated percentage				1.875%		1.875%
Series 2021A Bonds Due 2031 \| Bonds payable
Debt Instrument [Line Items]
Stated percentage				2.625%		2.625%
Bridge Loans
Debt Instrument [Line Items]
Debt, net								$ 650,000	$ 650,000
Debt interest expense		$ 12,200

FAIR VALUE MEASUREMENTS - Financial Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets
Total assets	$ 461,429	$ 161,418
Level 1
Assets
Total assets	459,450	161,418
Level 2
Assets
Total assets	1,979	0
Level 3
Assets
Total assets	0	0
Market
Assets
Cash and cash equivalents	176,052	121,703
Restricted cash	283,398	39,715
Market \| Level 1
Assets
Cash and cash equivalents	176,052	121,703
Restricted cash	283,398	39,715
Market \| Level 2
Assets
Cash and cash equivalents	0	0
Restricted cash	0	0
Market \| Level 3
Assets
Cash and cash equivalents	0	0
Restricted cash	0	$ 0
Income
Assets
Derivative assets	1,979
Income \| Level 1
Assets
Derivative assets	0
Income \| Level 2
Assets
Derivative assets	1,979
Income \| Level 3
Assets
Derivative assets	$ 0

FAIR VALUE MEASUREMENTS (Fair Value by Balance Sheet Grouping) (Details) - Estimate of Fair Value Measurement - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Series A 2020 Bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	$ 191,362	$ 186,306
Series B 2020 Bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	81,768	79,723
Series A 2021 Bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	219,071	0
Series B 2021 Bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	196,042	0
Senior Notes due 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	0	403,536
Senior Notes due 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	876,299	888,701
Senior Notes due 2027
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	453,256	460,340
Senior Notes due 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	$ 1,008,960	$ 0

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Derivative Instruments (Details) - Natural Gas Liquids bbl in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($) bbl	Dec. 31, 2020 USD ($)
Derivatives, Fair Value [Line Items]
Notional Amount (BBL in thousands) \| bbl	493
Fair Value of Assets (1) \| $	$ 1,979	$ 0
Minimum
Derivatives, Fair Value [Line Items]
Term	1 month
Maximum
Derivatives, Fair Value [Line Items]
Term	6 months

DERIVATIVE FINANCIAL INSTRUMENTS - Level 3 Rollforward (Details) - Crude Oil Forwards - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 0	$ 0	$ 0	$ 181
Net losses recognized in earnings	0	0	0	(181)
Ending Balance	$ 0	$ 0	$ 0	$ 0

REVENUES - Components of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Total revenues	$ 135,962	$ 83,709	$ 310,026	$ 290,858
Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues	6,040	4,279	12,874	15,041
Total equipment leasing revenues
Disaggregation of Revenue [Line Items]
Total revenues	99,174	69,799	237,352	236,082
Total equipment leasing revenues \| Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues	5,236	3,308	8,870	11,340
Total infrastructure revenues
Disaggregation of Revenue [Line Items]
Total revenues	36,788	13,910	72,674	54,776
Total infrastructure revenues \| Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues	804	971	4,004	3,701
Equipment Leasing \| Lease income
Disaggregation of Revenue [Line Items]
Total revenues	42,778	40,440	125,907	134,887
Equipment Leasing \| Maintenance revenue
Disaggregation of Revenue [Line Items]
Total revenues	40,252	25,609	87,763	84,709
Equipment Leasing \| Finance lease income
Disaggregation of Revenue [Line Items]
Total revenues	439	591	1,285	1,433
Equipment Leasing \| Other revenue
Disaggregation of Revenue [Line Items]
Total revenues	15,705	3,159	22,397	15,053
Equipment Leasing \| Total equipment leasing revenues
Disaggregation of Revenue [Line Items]
Total revenues	99,174	69,799	237,352	236,082
Infrastructure \| Lease income
Disaggregation of Revenue [Line Items]
Total revenues	791	368	1,653	775
Infrastructure \| Other revenue
Disaggregation of Revenue [Line Items]
Total revenues	346	2,213	13,829	5,257
Infrastructure \| Rail revenues
Disaggregation of Revenue [Line Items]
Total revenues	24,182
Infrastructure \| Terminal services revenues
Disaggregation of Revenue [Line Items]
Total revenues	11,469	11,329	33,010	40,534
Infrastructure \| Crude marketing revenues
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	8,210
Infrastructure \| Total infrastructure revenues
Disaggregation of Revenue [Line Items]
Total revenues	36,788	13,910	72,674	54,776
Aviation Leasing \| Equipment Leasing
Disaggregation of Revenue [Line Items]
Total revenues	93,938	66,491	228,482	224,742
Aviation Leasing \| Equipment Leasing \| Lease income
Disaggregation of Revenue [Line Items]
Total revenues	40,392	38,537	120,389	127,983
Aviation Leasing \| Equipment Leasing \| Maintenance revenue
Disaggregation of Revenue [Line Items]
Total revenues	40,252	25,609	87,763	84,709
Aviation Leasing \| Equipment Leasing \| Finance lease income
Disaggregation of Revenue [Line Items]
Total revenues	439	591	1,285	1,433
Aviation Leasing \| Equipment Leasing \| Other revenue
Disaggregation of Revenue [Line Items]
Total revenues	12,855	1,754	19,045	10,617
Aviation Leasing \| Equipment Leasing \| Total equipment leasing revenues
Disaggregation of Revenue [Line Items]
Total revenues	93,938	66,491	228,482	224,742
Jefferson Terminal \| Infrastructure
Disaggregation of Revenue [Line Items]
Total revenues	11,902	11,697	34,148	49,519
Jefferson Terminal \| Infrastructure \| Lease income
Disaggregation of Revenue [Line Items]
Total revenues	433	368	1,295	775
Jefferson Terminal \| Infrastructure \| Terminal services revenues
Disaggregation of Revenue [Line Items]
Total revenues	11,469	11,329	32,853	40,534
Jefferson Terminal \| Infrastructure \| Crude marketing revenues
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	8,210
Jefferson Terminal \| Infrastructure \| Total infrastructure revenues
Disaggregation of Revenue [Line Items]
Total revenues	11,902	11,697	34,148	49,519
Ports and Terminals \| Infrastructure
Disaggregation of Revenue [Line Items]
Total revenues	(458)	1,242	9,982	1,556
Ports and Terminals \| Infrastructure \| Lease income
Disaggregation of Revenue [Line Items]
Total revenues		0	0	0
Ports and Terminals \| Infrastructure \| Other revenue
Disaggregation of Revenue [Line Items]
Total revenues	(458)	1,242	9,825	1,556
Ports and Terminals \| Infrastructure \| Terminal services revenues
Disaggregation of Revenue [Line Items]
Total revenues		0	157	0
Ports and Terminals \| Infrastructure \| Total infrastructure revenues
Disaggregation of Revenue [Line Items]
Total revenues	(458)	1,242	9,982	1,556
Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues	6,040	4,279	12,874	15,041
Corporate and Other \| Lease income
Disaggregation of Revenue [Line Items]
Total revenues	2,386	1,903	5,518	6,904
Corporate and Other \| Other revenue
Disaggregation of Revenue [Line Items]
Total revenues	2,850	1,405	3,352	4,436
Corporate and Other \| Total equipment leasing revenues
Disaggregation of Revenue [Line Items]
Total revenues	5,236	$ 3,308	8,870	$ 11,340
Transtar \| Infrastructure
Disaggregation of Revenue [Line Items]
Total revenues	24,540		24,540
Transtar \| Infrastructure \| Lease income
Disaggregation of Revenue [Line Items]
Total revenues	358		358
Transtar \| Infrastructure \| Rail revenues
Disaggregation of Revenue [Line Items]
Total revenues	24,182		24,182
Transtar \| Infrastructure \| Total infrastructure revenues
Disaggregation of Revenue [Line Items]
Total revenues	$ 24,540		$ 24,540

REVENUES - Minimum Future Annual Revenues (Details) $ in Thousands	Sep. 30, 2021 USD ($)
Operating Leases
Remainder of 2021	$ 46,354
2022	134,253
2023	96,095
2024	69,352
2025	47,450
Thereafter	32,865
Total	426,369
Finance Leases
Remainder of 2021	408
2022	1,291
2023	531
2024	113
2025	10
Thereafter	0
Total	$ 2,353

LEASES - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
LEASES - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jul. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets, net	$ 74,643		$ 62,355
Weighted average remaining lease term	33 years 7 months 6 days
Transtar
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets, net		$ 10,800
Weighted average remaining lease term		5 years 6 months
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	2 months
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	41 years
Real Estate and Office Equipment
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets, net	$ 2,700
Real Estate and Office Equipment \| Maximum
Lessee, Lease, Description [Line Items]
Term of contract	5 years

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
LEASES - Lease Cost (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Amortization of right-of-use assets	$ 161	$ 0	$ 161	$ 0
Interest on lease liabilities	11	0	11	0
Finance lease expense	172	0	172	0
Operating lease expense	1,780	1,230	4,227	3,594
Short-term lease expense	320	84	900	534
Variable lease expense	540	111	1,177	1,215
Total lease expense	$ 2,812	$ 1,425	$ 6,476	$ 5,343

LEASES - Supplemental Information Related to Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Right-of-use assets, net	$ 74,643	$ 62,355
Lease liabilities	$ 74,134	$ 62,001
Weighted average remaining lease term	33 years 7 months 6 days
Weighted average incremental borrowing rate	5.60%
Cash paid for amounts included in the measurement of operating lease liabilities	$ 4,208

LEASES - Future Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Operating leases
Remainder of 2021	$ 4,224
2022	9,589
2023	7,875
2024	6,901
2025	6,677
Thereafter	148,455
Total undiscounted lease payments	183,721
Less: Imputed interest	109,587
Total lease liabilities	$ 74,134	$ 62,001

EQUITY-BASED COMPENSATION (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended		9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares transferred (in shares)				25,998
Exercised (in shares)				165,268
Exercise price (in usd per share)	$ 18.22			$ 18.22
Shares received (in shares)				55,092
Value of shares	$ 291,824	$ 455	$ 311
Common Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				1,052,632
Value of shares				$ 1,200
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of shares				$ 5,300
Vesting period				3 years
Equity Option \| March 2021 Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in usd per share)		$ 29.50
Granted (in shares)				355,932
Value of shares				$ 3,700
Dividend yield				3.16%
Expected volatility				45.60%
Expected term				10 years
Risk free interest rate				1.70%
Equity Option \| Initial Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in usd per share)		$ 25.50
Granted (in shares)				1,200,000
Value of shares				$ 9,200
Dividend yield				3.64%
Expected volatility				44.78%
Expected term				10 years
Risk free interest rate				1.34%
Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (in shares)	29,800,000			29,800,000

EQUITY-BASED COMPENSATION - Expenses Related to Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 728	$ 621	$ 3,281	$ 1,323
Remaining Expense To Be Recognized, If All Vesting Conditions Are Met	5,942		5,942
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	553	427	2,664	857
Remaining Expense To Be Recognized, If All Vesting Conditions Are Met	4,712		$ 4,712
Weighted Average Remaining Contractual Term (in years)			1 year 2 months 12 days
Common Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	175	$ 194	$ 617	$ 466
Remaining Expense To Be Recognized, If All Vesting Conditions Are Met	$ 1,230		$ 1,230
Weighted Average Remaining Contractual Term (in years)			1 year 1 month 6 days

INCOME TAXES - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Current:
Federal	$ 74	$ (35)	$ 130	$ 33
State and local	80	79	241	330
Foreign	31	(27)	(25)	295
Total current provision	185	17	346	658
Deferred:
Federal	(670)	(656)	(2,137)	(1,534)
State and local	0	0	0	0
Foreign	(9)	(1,847)	(174)	(5,458)
Total deferred benefit	(679)	(2,503)	(2,311)	(6,992)
Benefit from income taxes	$ (494)	$ (2,486)	$ (1,965)	$ (6,334)

INCOME TAXES - Narrative (Details)	9 Months Ended
INCOME TAXES - Narrative (Details)	Sep. 30, 2021
Income Tax Disclosure [Abstract]
U.S. federal tax at statutory rate	21.00%

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS (Details) - USD ($) shares in Millions		3 Months Ended		9 Months Ended
	Jun. 21, 2018	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	May 04, 2021	Dec. 31, 2020	Jul. 31, 2020
Related Party Transaction [Line Items]
Ownership percentage by manager				0.05%
Management fees and incentive allocation to affiliate		$ 3,845,000	$ 4,591,000	$ 11,948,000	$ 14,113,000
Shares issued, conversion of shares (in shares)	1.9
Interest income		$ 483,000	58,000	$ 1,222,000	121,000
FYX Trust Holdco LLC
Related Party Transaction [Line Items]
Ownership Percentage		14.00%		14.00%				14.00%
Jefferson Terminal
Related Party Transaction [Line Items]
Non-controlling interest ownership percentage	20.00%	20.00%		20.00%			20.00%
Non-controlling interest by private equity fund		$ 1,600,000		$ 1,600,000			$ 17,200,000
Non-controlling interest share of net loss		7,364,000	3,809,000	$ 18,918,000	12,490,000
Manager \| Management fees
Related Party Transaction [Line Items]
Management fee percentage rate				1.50%
Due from related party		0		$ 0			0
General Partner
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate		3,845,000	4,591,000	11,948,000	14,113,000
Management fees and incentive allocation to affiliate		2,544,000	2,862,000	7,726,000	8,299,000
General Partner \| Management fees
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate		3,845,000	4,591,000	11,948,000	14,113,000
General Partner \| Income incentive allocation
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate		0	0	0	0
General Partner \| Capital gains incentive allocation
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate		0	0	0	0
General Partner \| General and administrative
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate		1,927,000	2,347,000	6,138,000	6,737,000
General Partner \| Acquisition and transaction expenses
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate		617,000	$ 515,000	1,588,000	$ 1,562,000
Long Ridge Terminal LLC \| Promissory Note
Related Party Transaction [Line Items]
Debt instrument face amount						$ 5,800,000
Stated percentage						10.00%
Interest income		100,000		200,000
Accounts Payable and Accrued Liabilities \| Manager
Related Party Transaction [Line Items]
Accrued management fees		1,211,000		1,211,000			1,461,000
Other payables		$ 724,000		$ 724,000			$ 1,317,000
Threshold 1 \| Fortress Worldwide Transportation and Infrastructure Master GP LLP \| Income incentive allocation
Related Party Transaction [Line Items]
Pre-incentive income allocation				0.00%
Quarterly percent threshold of pre-incentive allocation net income				2.00%
Annual percent threshold of pre-incentive allocation net income				8.00%
Threshold 2 \| Fortress Worldwide Transportation and Infrastructure Master GP LLP \| Income incentive allocation
Related Party Transaction [Line Items]
Pre-incentive income allocation				100.00%
Threshold 2 \| Fortress Worldwide Transportation and Infrastructure Master GP LLP \| Income incentive allocation \| Minimum
Related Party Transaction [Line Items]
Quarterly percent threshold of pre-incentive allocation net income				2.00%
Threshold 2 \| Fortress Worldwide Transportation and Infrastructure Master GP LLP \| Income incentive allocation \| Maximum
Related Party Transaction [Line Items]
Quarterly percent threshold of pre-incentive allocation net income				2.2223%
Threshold 3 \| Fortress Worldwide Transportation and Infrastructure Master GP LLP \| Income incentive allocation
Related Party Transaction [Line Items]
Pre-incentive income allocation				10.00%

SEGMENT INFORMATION - Narrative (Details)	9 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Sep. 30, 2021 a segment
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	4
Repauno
Segment Reporting Information [Line Items]
Area of real estate	1,630
Hannibal
Segment Reporting Information [Line Items]
Area of real estate	1,660

SEGMENT INFORMATION - Statement of Income by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues
Total revenues	$ 135,962	$ 83,709	$ 310,026	$ 290,858
Expenses
Operating expenses	52,793	23,128	108,973	81,144
General and administrative	4,422	4,241	12,329	13,292
Acquisition and transaction expenses	7,130	2,442	13,172	9,297
Management fees and incentive allocation to affiliate	3,845	4,591	11,948	14,113
Depreciation and amortization	53,368	42,626	145,274	126,543
Asset impairment	859	3,915	3,048	14,391
Interest expense	54,500	26,904	124,994	71,559
Total expenses	176,917	107,847	419,738	330,339
Other income (expense)
Equity in losses of unconsolidated entities	(4,082)	(2,501)	(9,860)	(5,445)
Gain (loss) on sale of assets, net	12,685	(1,114)	17,483	(2,165)
Loss on extinguishment of debt	0	0	(3,254)	(4,724)
Interest income	483	58	1,222	121
Other (expense) income	(8,068)	0	(8,771)	32
Total other income (expense)	1,018	(3,557)	(3,180)	(12,181)
Loss from continuing operations before income taxes	(39,937)	(27,695)	(112,892)	(51,662)
Provision for (benefit from) income taxes	(494)	(2,486)	(1,965)	(6,334)
Net loss from continuing operations	(39,443)	(25,209)	(110,927)	(45,328)
Less: Dividends on preferred shares	6,791	4,625	17,967	13,243
Net loss attributable to shareholders from continuing operations	(38,871)	(25,958)	(109,945)	(45,847)
Equipment Leasing
Revenues
Total revenues	99,174	69,799	237,352	236,082
Infrastructure
Revenues
Total revenues	36,788	13,910	72,674	54,776
Operating Segments
Other income (expense)
Loss from continuing operations before income taxes
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	(7,363)	(3,876)	(18,949)	(12,724)
Corporate and Other
Revenues
Total revenues	6,040	4,279	12,874	15,041
Expenses
Operating expenses	6,792	6,248	19,149	17,508
General and administrative	4,422	4,241	12,329	13,292
Acquisition and transaction expenses	5,421	362	9,431	1,631
Management fees and incentive allocation to affiliate	3,845	4,591	11,948	14,113
Depreciation and amortization	2,106	1,994	6,257	5,937
Asset impairment	0	0	0	0
Interest expense	50,100	25,119	115,604	63,289
Total expenses	72,686	42,555	174,718	115,770
Other income (expense)
Equity in losses of unconsolidated entities	76	31	452	(52)
Gain (loss) on sale of assets, net	0	0	0	0
Loss on extinguishment of debt			(3,254)	0
Interest income	(1)	17	23	29
Other (expense) income	(1)		1	0
Total other income (expense)	74	48	(2,778)	(23)
Loss from continuing operations before income taxes	(66,572)	(38,228)	(164,622)	(100,752)
Provision for (benefit from) income taxes	0	40	(74)	243
Net loss from continuing operations	(66,572)	(38,268)	(164,548)	(100,995)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	0	0	0	0
Less: Dividends on preferred shares	6,791	4,625	17,967	13,243
Net loss attributable to shareholders from continuing operations	(73,363)	(42,893)	(182,515)	(114,238)
Corporate and Other \| Equipment Leasing
Revenues
Total revenues	5,236	3,308	8,870	11,340
Corporate and Other \| Infrastructure
Revenues
Total revenues	804	971	4,004	3,701
Aviation Leasing \| Operating Segments \| Equipment Leasing
Revenues
Total revenues	93,938	66,491	228,482	224,742
Expenses
Operating expenses	15,411	4,515	28,806	13,163
General and administrative	0	0	0	0
Acquisition and transaction expenses	858	2,060	2,890	6,845
Management fees and incentive allocation to affiliate	0	0	0	0
Depreciation and amortization	34,288	33,014	100,583	97,848
Asset impairment	859	3,915	3,048	14,391
Interest expense	0	0	0	0
Total expenses	51,416	43,504	135,327	132,247
Other income (expense)
Equity in losses of unconsolidated entities	(369)	(247)	(1,050)	(1,432)
Gain (loss) on sale of assets, net	12,685	(1,114)	17,467	(2,158)
Loss on extinguishment of debt			0	0
Interest income	339	41	963	70
Other (expense) income	(1,680)		(1,680)	0
Total other income (expense)	10,975	(1,320)	15,700	(3,520)
Loss from continuing operations before income taxes	53,497	21,667	108,855	88,975
Provision for (benefit from) income taxes	129	(1,873)	83	(5,255)
Net loss from continuing operations	53,368	23,540	108,772	94,230
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	0	0	0	0
Less: Dividends on preferred shares	0	0	0	0
Net loss attributable to shareholders from continuing operations	53,368	23,540	108,772	94,230
Jefferson Terminal \| Operating Segments \| Infrastructure
Revenues
Total revenues	11,902	11,697	34,148	49,519
Expenses
Operating expenses	12,441	9,661	35,939	43,894
General and administrative	0	0	0	0
Acquisition and transaction expenses	0	0	0	0
Management fees and incentive allocation to affiliate	0	0	0	0
Depreciation and amortization	9,405	7,250	26,438	21,636
Asset impairment	0	0	0	0
Interest expense	4,080	1,487	8,496	7,225
Total expenses	25,926	18,398	70,873	72,755
Other income (expense)
Equity in losses of unconsolidated entities	0	0	0	0
Gain (loss) on sale of assets, net	0	0	0	(7)
Loss on extinguishment of debt			0	(4,724)
Interest income	0	0	0	22
Other (expense) income	(2,090)		(2,795)	32
Total other income (expense)	(2,090)	0	(2,795)	(4,677)
Loss from continuing operations before income taxes	(16,114)	(6,701)	(39,520)	(27,913)
Provision for (benefit from) income taxes	47	3	163	212
Net loss from continuing operations	(16,161)	(6,704)	(39,683)	(28,125)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	(7,189)	(3,809)	(18,743)	(12,490)
Less: Dividends on preferred shares	0	0	0	0
Net loss attributable to shareholders from continuing operations	(8,972)	(2,895)	(20,940)	(15,635)
Ports and Terminals \| Operating Segments \| Infrastructure
Revenues
Total revenues	(458)	1,242	9,982	1,556
Expenses
Operating expenses	5,272	2,704	12,202	6,579
General and administrative	0	0	0	0
Acquisition and transaction expenses	0	20	0	821
Management fees and incentive allocation to affiliate	0	0	0	0
Depreciation and amortization	2,299	368	6,726	1,122
Asset impairment	0	0	0	0
Interest expense	283	298	857	1,045
Total expenses	7,854	3,390	19,785	9,567
Other income (expense)
Equity in losses of unconsolidated entities	(3,789)	(2,285)	(9,262)	(3,961)
Gain (loss) on sale of assets, net	0	0	16	0
Loss on extinguishment of debt			0	0
Interest income	145	0	236	0
Other (expense) income	(4,100)		(4,100)	0
Total other income (expense)	(7,744)	(2,285)	(13,110)	(3,961)
Loss from continuing operations before income taxes	(16,056)	(4,433)	(22,913)	(11,972)
Provision for (benefit from) income taxes	(1,798)	(656)	(3,265)	(1,534)
Net loss from continuing operations	(14,258)	(3,777)	(19,648)	(10,438)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	(174)	(67)	(206)	(234)
Less: Dividends on preferred shares	0	0	0	0
Net loss attributable to shareholders from continuing operations	(14,084)	(3,710)	(19,442)	(10,204)
Transtar \| Operating Segments \| Infrastructure
Revenues
Total revenues	24,540	0	24,540	0
Expenses
Operating expenses	12,877	0	12,877	0
General and administrative	0	0	0	0
Acquisition and transaction expenses	851	0	851	0
Management fees and incentive allocation to affiliate	0	0	0	0
Depreciation and amortization	5,270	0	5,270	0
Asset impairment	0	0	0	0
Interest expense	37	0	37	0
Total expenses	19,035	0	19,035	0
Other income (expense)
Equity in losses of unconsolidated entities	0	0	0	0
Gain (loss) on sale of assets, net	0	0	0	0
Loss on extinguishment of debt			0	0
Interest income	0	0	0	0
Other (expense) income	(197)		(197)	0
Total other income (expense)	(197)	0	(197)	0
Loss from continuing operations before income taxes	5,308	0	5,308	0
Provision for (benefit from) income taxes	1,128	0	1,128	0
Net loss from continuing operations	4,180	0	4,180	0
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	0	0	0	0
Less: Dividends on preferred shares	0	0	0	0
Net loss attributable to shareholders from continuing operations	$ 4,180	$ 0	$ 4,180	$ 0

SEGMENT INFORMATION - Reconciliation of Adjusted Net Income to Net Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 96,389	$ 58,636	$ 211,497	$ 197,103
Add: Non-controlling share of adjustments to Adjusted Net Income	3,420	1,955	8,706	7,406
Equity in losses of unconsolidated entities	(4,082)	(2,501)	(9,860)	(5,445)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities	(7,470)	(120)	(9,861)	167
Less: Interest expense	(54,500)	(26,904)	(124,994)	(71,559)
Less: Depreciation and amortization expense	(59,811)	(52,532)	(166,622)	(149,937)
Less: Incentive allocations	0	0	0	0
Less: Asset impairment charges	(859)	(3,915)	(3,048)	(14,391)
Less: Changes in fair value of non-hedge derivative instruments	(4,594)	0	1,979	(181)
Less: Losses on the modification or extinguishment of debt and capital lease obligations	0	0	(3,254)	(4,724)
Less: Acquisition and transaction expenses	(7,130)	(2,442)	(13,172)	(9,297)
Less: Equity-based compensation expense	(728)	(621)	(3,281)	(1,323)
Less: Benefit from income taxes	494	2,486	1,965	6,334
Net loss attributable to shareholders from continuing operations	(38,871)	(25,958)	(109,945)	(45,847)
Corporate and Other
Segment Reporting Information [Line Items]
Adjusted EBITDA	(15,791)	(15,437)	(48,440)	(43,197)
Equity in losses of unconsolidated entities	76	31	452	(52)
Less: Interest expense	(50,100)	(25,119)	(115,604)	(63,289)
Less: Asset impairment charges	0	0	0	0
Less: Acquisition and transaction expenses	(5,421)	(362)	(9,431)	(1,631)
Less: Benefit from income taxes	0	(40)	74	(243)
Net loss attributable to shareholders from continuing operations	(73,363)	(42,893)	(182,515)	(114,238)
Aviation Leasing \| Operating Segments \| Equipment Leasing
Segment Reporting Information [Line Items]
Adjusted EBITDA	96,002	70,562	236,868	231,453
Equity in losses of unconsolidated entities	(369)	(247)	(1,050)	(1,432)
Less: Interest expense	0	0	0	0
Less: Asset impairment charges	(859)	(3,915)	(3,048)	(14,391)
Less: Acquisition and transaction expenses	(858)	(2,060)	(2,890)	(6,845)
Less: Benefit from income taxes	(129)	1,873	(83)	5,255
Net loss attributable to shareholders from continuing operations	53,368	23,540	108,772	94,230
Jefferson Terminal \| Operating Segments \| Infrastructure
Segment Reporting Information [Line Items]
Adjusted EBITDA	1,946	4,348	8,329	11,885
Equity in losses of unconsolidated entities	0	0	0	0
Less: Interest expense	(4,080)	(1,487)	(8,496)	(7,225)
Less: Asset impairment charges	0	0	0	0
Less: Acquisition and transaction expenses	0	0	0	0
Less: Benefit from income taxes	(47)	(3)	(163)	(212)
Net loss attributable to shareholders from continuing operations	(8,972)	(2,895)	(20,940)	(15,635)
Ports and Terminals \| Operating Segments \| Infrastructure
Segment Reporting Information [Line Items]
Adjusted EBITDA	2,766	(837)	3,274	(3,038)
Equity in losses of unconsolidated entities	(3,789)	(2,285)	(9,262)	(3,961)
Less: Interest expense	(283)	(298)	(857)	(1,045)
Less: Asset impairment charges	0	0	0	0
Less: Acquisition and transaction expenses	0	(20)	0	(821)
Less: Benefit from income taxes	1,798	656	3,265	1,534
Net loss attributable to shareholders from continuing operations	(14,084)	(3,710)	(19,442)	(10,204)
Transtar \| Operating Segments \| Infrastructure
Segment Reporting Information [Line Items]
Adjusted EBITDA	11,466	0	11,466	0
Equity in losses of unconsolidated entities	0	0	0	0
Less: Interest expense	(37)	0	(37)	0
Less: Asset impairment charges	0	0	0	0
Less: Acquisition and transaction expenses	(851)	0	(851)	0
Less: Benefit from income taxes	(1,128)	0	(1,128)	0
Net loss attributable to shareholders from continuing operations	$ 4,180	$ 0	$ 4,180	$ 0

SEGMENT INFORMATION - Summary of Geographic Sources of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Total revenues	$ 135,962	$ 83,709	$ 310,026	$ 290,858
Equipment Leasing
Segment Reporting Information [Line Items]
Total revenues	99,174	69,799	237,352	236,082
Infrastructure
Segment Reporting Information [Line Items]
Total revenues	36,788	13,910	72,674	54,776
Corporate and Other
Segment Reporting Information [Line Items]
Total revenues	6,040	4,279	12,874	15,041
Corporate and Other \| Equipment Leasing
Segment Reporting Information [Line Items]
Total revenues	5,236	3,308	8,870	11,340
Corporate and Other \| Infrastructure
Segment Reporting Information [Line Items]
Total revenues	804	971	4,004	3,701
Africa
Segment Reporting Information [Line Items]
Total revenues		1,781	235	10,254
Africa \| Corporate and Other
Segment Reporting Information [Line Items]
Total revenues		0	0	0
Asia
Segment Reporting Information [Line Items]
Total revenues	41,657	31,830	102,794	98,139
Asia \| Corporate and Other
Segment Reporting Information [Line Items]
Total revenues	5,236	3,308	8,870	11,340
Europe
Segment Reporting Information [Line Items]
Total revenues	35,708	29,011	89,109	99,870
Europe \| Corporate and Other
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
North America
Segment Reporting Information [Line Items]
Total revenues	54,940	20,821	111,776	79,756
North America \| Corporate and Other
Segment Reporting Information [Line Items]
Total revenues	804	971	4,004	3,701
South America
Segment Reporting Information [Line Items]
Total revenues	3,657	266	6,112	2,839
South America \| Corporate and Other
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Aviation Leasing \| Operating Segments \| Equipment Leasing
Segment Reporting Information [Line Items]
Total revenues	93,938	66,491	228,482	224,742
Aviation Leasing \| Africa \| Operating Segments \| Equipment Leasing
Segment Reporting Information [Line Items]
Total revenues		1,781	235	10,254
Aviation Leasing \| Asia \| Operating Segments \| Equipment Leasing
Segment Reporting Information [Line Items]
Total revenues	36,421	28,522	93,924	86,799
Aviation Leasing \| Europe \| Operating Segments \| Equipment Leasing
Segment Reporting Information [Line Items]
Total revenues	35,708	29,011	89,109	99,870
Aviation Leasing \| North America \| Operating Segments \| Equipment Leasing
Segment Reporting Information [Line Items]
Total revenues	18,152	6,911	39,102	24,980
Aviation Leasing \| South America \| Operating Segments \| Equipment Leasing
Segment Reporting Information [Line Items]
Total revenues	3,657	266	6,112	2,839
Jefferson Terminal \| Operating Segments \| Infrastructure
Segment Reporting Information [Line Items]
Total revenues	11,902	11,697	34,148	49,519
Jefferson Terminal \| Africa \| Operating Segments \| Infrastructure
Segment Reporting Information [Line Items]
Total revenues		0	0	0
Jefferson Terminal \| Asia \| Operating Segments \| Infrastructure
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Jefferson Terminal \| Europe \| Operating Segments \| Infrastructure
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Jefferson Terminal \| North America \| Operating Segments \| Infrastructure
Segment Reporting Information [Line Items]
Total revenues	11,902	11,697	34,148	49,519
Jefferson Terminal \| South America \| Operating Segments \| Infrastructure
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Ports and Terminals \| Operating Segments \| Infrastructure
Segment Reporting Information [Line Items]
Total revenues	(458)	1,242	9,982	1,556
Ports and Terminals \| Africa \| Operating Segments \| Infrastructure
Segment Reporting Information [Line Items]
Total revenues		0	0	0
Ports and Terminals \| Asia \| Operating Segments \| Infrastructure
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Ports and Terminals \| Europe \| Operating Segments \| Infrastructure
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Ports and Terminals \| North America \| Operating Segments \| Infrastructure
Segment Reporting Information [Line Items]
Total revenues	(458)	1,242	9,982	1,556
Ports and Terminals \| South America \| Operating Segments \| Infrastructure
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Transtar \| Operating Segments \| Infrastructure
Segment Reporting Information [Line Items]
Total revenues	24,540	0	24,540	0
Transtar \| Africa \| Operating Segments \| Infrastructure
Segment Reporting Information [Line Items]
Total revenues		0	0	0
Transtar \| Asia \| Operating Segments \| Infrastructure
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Transtar \| Europe \| Operating Segments \| Infrastructure
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Transtar \| North America \| Operating Segments \| Infrastructure
Segment Reporting Information [Line Items]
Total revenues	24,540	0	24,540	0
Transtar \| South America \| Operating Segments \| Infrastructure
Segment Reporting Information [Line Items]
Total revenues	$ 0	$ 0	$ 0	$ 0

SEGMENT INFORMATION - Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total assets	$ 4,682,517	$ 3,387,977
Debt, net	2,983,989	1,904,762
Total liabilities	3,478,475	2,288,656
Equity
Non-controlling interest in equity of consolidated subsidiaries	6,574	22,663
Total equity	1,204,042	1,099,321
Total liabilities and equity	4,682,517	3,387,977
Corporate and Other
Segment Reporting Information [Line Items]
Total assets	373,095	293,627
Debt, net	2,266,019	1,626,289
Total liabilities	2,332,309	1,665,093
Equity
Non-controlling interest in equity of consolidated subsidiaries	524	524
Total equity	(1,959,214)	(1,371,466)
Total liabilities and equity	373,095	293,627
Aviation Leasing \| Operating Segments \| Equipment Leasing
Segment Reporting Information [Line Items]
Total assets	1,869,233	1,704,205
Debt, net	0	0
Total liabilities	171,434	219,692
Equity
Non-controlling interest in equity of consolidated subsidiaries	0	0
Total equity	1,697,799	1,484,513
Total liabilities and equity	1,869,233	1,704,205
Jefferson Terminal \| Operating Segments \| Infrastructure
Segment Reporting Information [Line Items]
Total assets	1,304,236	989,928
Debt, net	692,970	253,473
Total liabilities	825,331	365,629
Equity
Non-controlling interest in equity of consolidated subsidiaries	4,352	20,785
Total equity	478,905	624,299
Total liabilities and equity	1,304,236	989,928
Ports and Terminals \| Operating Segments \| Infrastructure
Segment Reporting Information [Line Items]
Total assets	364,058	400,217
Debt, net	25,000	25,000
Total liabilities	36,541	38,242
Equity
Non-controlling interest in equity of consolidated subsidiaries	1,698	1,354
Total equity	327,517	361,975
Total liabilities and equity	364,058	400,217
Transtar \| Operating Segments \| Infrastructure
Segment Reporting Information [Line Items]
Total assets	771,895	0
Debt, net	0	0
Total liabilities	112,860	0
Equity
Non-controlling interest in equity of consolidated subsidiaries	0	0
Total equity	659,035	0
Total liabilities and equity	$ 771,895	$ 0

EARNINGS PER SHARE AND EQUITY - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net loss from continuing operations	$ (39,443)	$ (25,209)			$ (110,927)	$ (45,328)
Net income from discontinued operations, net of income taxes	0	0			0	1,331
Net loss	(39,443)	(25,209)	$ (71,484)	$ (18,788)	(110,927)	(43,997)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	(7,363)	(3,876)			(18,949)	(12,724)
Less: Dividends on preferred shares	6,791	4,625			17,967	13,243
Net loss attributable to shareholders	$ (38,871)	$ (25,958)			$ (109,945)	$ (44,516)
Weighted Average Common Shares Outstanding - Basic (in shares)	88,277,897	86,022,302			86,787,072	86,013,485
Weighted Average Common Shares Outstanding - Diluted (in shares)	88,277,897	86,022,302			86,787,072	86,013,485
Basic
Continuing operations (in dollars per share)	$ (0.44)	$ (0.30)			$ (1.27)	$ (0.53)
Discontinued operations (in dollars per share)	0	0			0	0.02
Diluted
Continuing operations (in dollars per share)	(0.44)	(0.30)			(1.27)	(0.53)
Discontinued operations (in dollars per share)	$ 0	$ 0			$ 0	$ 0.02

EARNINGS PER SHARE AND EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)		950,524	21,244	940,254	504
Stocks issued during period for services (in shares)	17,155
Shares issued (in shares)				207,129
Preferred stock, shares issued (in shares)		13,320,000		13,320,000		9,120,000
Preferred stock, par value (in dollars per share)		$ 0.01		$ 0.01		$ 0.01
Proceeds from issuance of preferred shares, net of underwriter's discount and issuance costs				$ 101,201	$ 20,223
8.25% Fixed-Rate Reset Series C Cumulative Perpetual Redeemable Preferred Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred stock, shares issued (in shares)		4,200,000		4,200,000
Stated percentage		8.25%		8.25%
Preferred stock, par value (in dollars per share)		$ 0.01		$ 0.01
Preferred stock, liquidation preference per share (in dollars per share)		$ 25.00		$ 25.00
Proceeds from issuance of preferred shares, net of underwriter's discount and issuance costs				$ 101,200
Class B Unit
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares converted (in shares)				279,678

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended
	Dec. 31, 2021	Sep. 30, 2021
Forecast
Loss Contingencies [Line Items]
Agreement term	2 years
Minimum annual purchase obligation	$ 10,200,000
Minimum
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss		$ 0
Maximum
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss		3,300,000
Repauno
Loss Contingencies [Line Items]
Potential milestone payment		15,000,000
Loss contingency accrual, payments		$ 5,000,000

SUBSEQUENT EVENTS (Details) - $ / shares		3 Months Ended		9 Months Ended
SUBSEQUENT EVENTS (Details) - $ / shares	Oct. 28, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Oct. 31, 2021	Sep. 01, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Common stock, shares issued (in shares)		97,896,522		97,896,522			12,000,000	85,617,146
Common stock, par value (in dollars per share)		$ 0.01		$ 0.01			$ 0.01	$ 0.01
Price of share (usd per share)							$ 25.50
Common stock dividends declared (in dollars per share)		0.33	$ 0.33	$ 0.99	$ 0.99
Subsequent Event
Subsequent Event [Line Items]
Common stock, shares issued (in shares)						1,283,863
Common stock, par value (in dollars per share)						$ 0.01
Price of share (usd per share)						$ 25.50
Common stock dividends declared (in dollars per share)	$ 0.33
Series A Preferred Shares
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)		0.52
Series A Preferred Shares \| Subsequent Event
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)	0.52
Series B Preferred Stock
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)		0.50
Series B Preferred Stock \| Subsequent Event
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)	0.50
Series C Preferred Stock
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)		$ 0.52
Series C Preferred Stock \| Subsequent Event
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)	$ 0.52

RETIREMENT BENEFIT PLAN (Details) $ in Thousands	9 Months Ended
RETIREMENT BENEFIT PLAN (Details) $ in Thousands	Sep. 30, 2021 USD ($)
Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service costs	$ 392
Interest costs	45
Total	437
Postretirement Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service costs	431
Interest costs	139
Total	$ 570

SEGMENT INFORMATION - Location of Long-Lived Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	$ 1,696,594	$ 1,635,259
Property, plant and equipment and leasing equipment, net
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	3,224,364	2,599,622
Property, plant and equipment and leasing equipment, net \| Asia
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	467,208	502,268
Property, plant and equipment and leasing equipment, net \| Europe
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	738,692	774,300
Property, plant and equipment and leasing equipment, net \| North America
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	1,916,381	1,298,045
Property, plant and equipment and leasing equipment, net \| South America
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	102,083	25,009
Corporate and Other \| Property, plant and equipment and leasing equipment, net
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	179,892	174,484
Corporate and Other \| Property, plant and equipment and leasing equipment, net \| Asia
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	66,490	56,702
Corporate and Other \| Property, plant and equipment and leasing equipment, net \| Europe
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	0	0
Corporate and Other \| Property, plant and equipment and leasing equipment, net \| North America
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	113,402	117,782
Corporate and Other \| Property, plant and equipment and leasing equipment, net \| South America
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	0	0
Aviation Leasing \| Operating Segments \| Equipment Leasing \| Property, plant and equipment and leasing equipment, net
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	1,521,287	1,453,065
Aviation Leasing \| Operating Segments \| Equipment Leasing \| Property, plant and equipment and leasing equipment, net \| Asia
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	400,718	445,566
Aviation Leasing \| Operating Segments \| Equipment Leasing \| Property, plant and equipment and leasing equipment, net \| Europe
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	738,692	774,300
Aviation Leasing \| Operating Segments \| Equipment Leasing \| Property, plant and equipment and leasing equipment, net \| North America
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	279,794	208,190
Aviation Leasing \| Operating Segments \| Equipment Leasing \| Property, plant and equipment and leasing equipment, net \| South America
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	102,083	25,009
Jefferson Terminal \| Operating Segments \| Infrastructure \| Property, plant and equipment and leasing equipment, net
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	741,606	702,393
Jefferson Terminal \| Operating Segments \| Infrastructure \| Property, plant and equipment and leasing equipment, net \| Asia
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	0	0
Jefferson Terminal \| Operating Segments \| Infrastructure \| Property, plant and equipment and leasing equipment, net \| Europe
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	0	0
Jefferson Terminal \| Operating Segments \| Infrastructure \| Property, plant and equipment and leasing equipment, net \| North America
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	741,606	702,393
Jefferson Terminal \| Operating Segments \| Infrastructure \| Property, plant and equipment and leasing equipment, net \| South America
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	0	0
Ports and Terminals \| Operating Segments \| Infrastructure \| Property, plant and equipment and leasing equipment, net
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	279,360	269,680
Ports and Terminals \| Operating Segments \| Infrastructure \| Property, plant and equipment and leasing equipment, net \| Asia
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	0	0
Ports and Terminals \| Operating Segments \| Infrastructure \| Property, plant and equipment and leasing equipment, net \| Europe
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	0	0
Ports and Terminals \| Operating Segments \| Infrastructure \| Property, plant and equipment and leasing equipment, net \| North America
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	279,360	269,680
Ports and Terminals \| Operating Segments \| Infrastructure \| Property, plant and equipment and leasing equipment, net \| South America
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	0	0
Transtar \| Operating Segments \| Infrastructure \| Property, plant and equipment and leasing equipment, net
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	502,219	0
Transtar \| Operating Segments \| Infrastructure \| Property, plant and equipment and leasing equipment, net \| Asia
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	0	0
Transtar \| Operating Segments \| Infrastructure \| Property, plant and equipment and leasing equipment, net \| Europe
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	0	0
Transtar \| Operating Segments \| Infrastructure \| Property, plant and equipment and leasing equipment, net \| North America
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	502,219	0
Transtar \| Operating Segments \| Infrastructure \| Property, plant and equipment and leasing equipment, net \| South America
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	$ 0	$ 0